Home-Based Businesses can receive a tax write-off and add debt consolidation if you require further assistance. By owning a home-based business and taking advantage of the tax breaks available to you, you can keep more of your income, even if your business isn’t producing a profit! I am the sole proprietor of Rich and Rich Home Opportunities and also have an EIN (Tax ID #) for that business. I filed a business deduction for the business in 2020 even though I made about $600 total. Rich and Rich Home Opportunities is a company that focuses on bringing quality home-based business marketing and advertising and information for those seeking a home-based business. In order to take advantage of a business write-off, I keep receipts and invoices of my advertising with my credit card or through PayPal which is attached to my bank account, which makes it easy to log the receipts that will be required when you apply for your business tax deduction. These are the tax deductions that I took in 2020 and will be taking in 2021 with all receipts! If you have signage for your business on your car, this is considered advertising, and the cost of gas and maintenance can be a tax write-off in you are using your car for business to get to hosting or speaking engagements. Your costs of a computer, it's software and even Internet access can be deductible when used in a home-based business. I paid for advertising networks, autoresponders, and offline print materials. My advertising was the bulk of my deductions. I also deducted business start-up costs when I added different areas of my business or outsourced business needs. The key to all of the tax incentives is to treat your business as a business, not as a hobby. The intent of your business is to make a profit and you justify it with your receipts and business taxes. This does not mean that you have to make a profit, but a reasonable effort has to be made. Profit is what we all want! Keep good records of your business activities with a good logbook and you will have no trouble with the intent of your business and submitting your receipts. Working in a home-based network marketing company has endless advantages with unlimited income, more free time to do the things that you want, and helping other people to be able to market and advertise for success In summary (Please check with your accountant first) Bank Fees and interest · if you use a credit card solely for Silpada business, the interest can be a tax writeoff – certain restrictions apply Office Expenses · Telephone/Cell Phone as long as the primary use is business · Advertising: Fliers, newspaper ads, Office supplies · Paper, envelopes, pens, calendars, software, computers, office machinery, calculators, paperclips, etc… · Postage/Postage Meters · Don’t forget mileage to the post office/office max, etc… · Checks · Stationary, invitations, ink Car Expenses · Mileage to and from shows, team meetings, sit-downs at Panera with prospects or team members (as long as you talk about Silpada business, it is considered a tax write-off) · Car repairs · Gas/Oil etc – check with your accountant first – you may be restricted depending on which method you choose Show Expenses · Discounts given (free shipping or 30% off for a family member, etc) · Donations given (if you do a show for charity) · Items ordered for personal use · Babysitting/Childcare expenses Prospect Meetings · Coffee, meals · Babysitting/Childcare expenses Take some time and contact you tax prepared or places like H&R Block or Jackson Hewitt.
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