So you just started your MLM home based business and you’re wondering how you are going to finance it. You need to pay for advertisement either through traditional advertising or on the internet. From promotional materials, product samples, internet access fees, website fees, business cards, etc. it can add up to a reasonable sum in a hurry. But don’t stress it. All these expenses normally can be 100% tax deductible. In fact any expense you can incur in the pursuit of your home based business is probably tax deductible. The biggest deduction to your business may be the keys to your car. Many who have a MLM home based business can honestly and legally deduct $4,000-$5,000 or more a year. All you need to do is keep a 90 day log once a year showing destination, date, purpose, and miles traveled for each trip. These are the only records you need to keep. Even family trips may be tax deductible for your business. Yes, you can combine business with pleasure if you know the rules. Travel costs, hotels, ground transportation, tips, all can be 100% tax deductible. Even 50% of all meals can be deductible. For your vacation to qualify for a deduction more than half of the days you spent on vacation need to qualify as business days. Travel days be counted as business days. Any meetings no matter no matter how long they last count as business days.The health care costs for your entire family can be tax deductible from your home based business. Regular taxpayers can only deduct health care costs that only exceeds 7 1/2 % of their taxable income. Owning your own business gives you the option for writing off non-reimbursed health care costs for you and all of your family members.Your probably thinking, “yeah this is great but I don’t want to wait until April 15 to get my refund”. Fact is, you don’t have to wait until April 15 to benefit from the tax savings. You will be able to collect your additional refunds throughout the year. This is how it works. If you have $1,000 per month withheld from your regular job you will be increasing your refund by about $4,800 a year. That would mean you now need to have $400 less per month withheld from payroll taxes.So how do you qualify for these MLM home based business tax deductions. There are only three basic requirements needed to qualify for home based business deductions. 1. Be trying to produce a profit. 2. Work your business on a regular basis. 3. Keep good records. Note: you don’t need to make a profit to qualify for these deductions. You just need to be working toward making a profit.A final disclaimer- I am only a MLM home based business person like you so be sure to consult a licensed professional accountant before implementing these deductions when doing your taxes. I am only giving you tips and ideas on how to get started on creating a very profitable home based business. Wouldn’t an extra $400-$500 a month get you started on a profitable business venture. I’m sure it would!Get my 7 free training tutorials that are packed with some of the best MLM strategies all in simple step by step instructions.
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