Get The Most Out Of The Tax Man

June 9, 2008 | By Monika Mundell |


Running your own home business as a network marketer takes a little organization. What I often find is people who seem to see their business more like a hobby, rather than a proper business. As a result they fail to keep relevant paper files and when tax time arrives they realize their mistake, only too late.

Naturally, whether you can claim something or not for your MLM business depends entirely on your country’s tax law. While some countries allow you to claim more, others might not.

This post is based on what I know from personal experience and should in no way be a legal binding information. You will have to check with your own tax adviser in regards to the circumstances in your country.

Claim your office related expenses:

Anything related to your office: Paper, print, stationary, furniture, computer, software, membership accounts, Internet, telephone bill, hardware such as external hard drives and more can usually be claimed by an MLM business.

As long as it is related to your business and you purchase this item for it, you can claim this with the tax man.

Travel:

The one thing MLM Renegade business owners do a lot is travel. You will frequently attend functions, monthly get together or even international events. You can claim all of them, including travel to and from, food, hotel and all related expenses, minus the personal shopping you do while away.

MLM books and magazines:

If you regularly buy MLM related books or magazines, these can also be claimed with the tax man.

Car/scooter/bike:

You might even be able to claim a portion of your transport vehicle cost depending on your usage for your business. This would have to be proven with a kept log. In this log you will need to note your mileage for a minimum of 6 months. Please check with your tax adviser whether this applies to your circumstances though.

Keep control of your receipts:

To qualify for all the above (if they apply to you), you need to keep all your receipts. In short, if there are no receipts, there will be no tax refund. It’s best to stash them in a specific folder. The more you keep organized upfront, the easier it will be for your tax adviser to do their job and most likely it will end up costing less.

Plus they get their job done quicker.

Claiming MLM business related tax expenses will make a huge difference to your finances.

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