Docstoc

Networkers and the IRS - Home Office Deductions

Document Sample
Networkers and the IRS - Home Office Deductions Powered By Docstoc
					Presented by Daniel Toriola
Lawyers are the defenders of the common man. They are like the shelter in the time of storm. Lawyers provide guidance even in the midst of danger. At times when the damage cannot be avoided, they provide the means to minimizing the liability. Click here to know more

Register Your Domain For $7.99 Only! Further Discounts Available To Resellers. Also available - Linux Hosting, WebSite Builder, Reseller Plans, Private Label Hosting, and more. Click here to know more

Networkers and the IRS - Home Office Deductions By Jane Quade

Welcome Network Marketers, MLM associates and home-based business owners. WARNING! -- Not knowing just this one simple tax saving technique could be costing you a fortune come tax time each year. Network Marketing can be a tremendous benefit to your bottom line tax bill. Not knowing what you can and can't deduct could either make or break you at any stage of building your business. When money is tight and you have more going out than you do coming in, taking advantage of such a simple deduction such as this could be just what you need to keep your Network Marketing or Multi-Level Marketing business afloat. So take a few minutes to read through this valuable material and learn yet another benefit of being a Network Marketer. For all you savvy Network Marketers, MLM'ers and Home Based Business owners, you will want to continue through this short article to learn about more deductions that you are entitled to take. Remember, when you are a business owner, and all Network Marketers are business owners, when you begin pulling in the good money you want to hold onto as much of it as possible. And that is where the IRS home business tax deductions come in. These deductions are out there for the taking so lets take advantage of them. Home Office Deductions are an enormous benefit of working out of your home. The biggest obstacle with this particular deduction is being prepared to show how you use your home for your business, should you ever have the lovely experience of being audited. Lets assume that you, the network marketer, do qualify for this type of deduction. You can deduct a portion of expenses related to your entire home. Here are several examples of such deductions:

Learn Microsoft Office Learn Microsoft Office at home for a fraction of what you would pay in a classroom or at a bookstore! Page 1

Presented by Daniel Toriola
- mortgage payments - mortgage insurance - mortgage interest - real estate taxes - utility bills - home repairs - painting Here are some other guidelines to adhere to: 1. The particular portion or "space" that you are using in your home for you MLM business must be used regularly and exclusively for business. 2. As a MLM owner, you must use the "space" for administrative or management activities of your Network Marketing Business. 3. You cannot have another fixed location for your business where you conduct substantial administrative or management activities. Generally, the amount you can deduct depends on the percentage of your home that you used for business. Your deduction will be limited if your gross income from your business is less than your total business expenses. The following is a great example of when you cannot use space in your home as a business deduction: An attorney uses the den in his home to write legal briefs or prepare clients’ tax returns. The family also uses the den for recreation. The den is not used exclusively in the attorney’s profession, so a business deduction cannot be claimed for its use. Network Marketers need to use Form 8829 to figure your home office deduction and report those deductions on line 30 of Schedule C, Form 1040. For more information see IRS Publication 587, Business Use of Your Home. Go To http://www.FreeMLMsuccessReport.com for New Updated Marketing Materials Questions? Office 440.942.8166, EST. Jane has an extensive background in the home business industry as well as the retail marketing industry. The only thing she cannot create more of is time. She will never waste yours.

The Complete Virtual Office Guide Learn how to run your office from anywhere in the world via a laptop * AFFILIATES EARN 60% * Page 2

Presented by Daniel Toriola
Home Business Tax Deductions By Vincent Murphy

Dreading April? If you are running a home business, it is important to remember that there are tax deductions for you when tax season rolls around. Of course, you do not want to try to fool the IRS (no one wants to run the risk of being audited!), but you do want to take advantage of those deductions that are rightfully yours. Running your own home business takes much of the same expenses, effort, time, space, equipment, and travel as any other business. Below are some home business tax deductions to remember as April is drawing near. If you have a home office that is dedicated solely to your home business, you can add it to your list of home business deductions. The same goes for telephone charges, office supplies, furniture, software, subscriptions, and other equipment. Do not fear an audit for making these home business tax deductions as long as these items are used exclusively for your home business. If your business requires you to leave your home office, you can add the cost of travel, mileage, meals, entertainment, and anything else that goes along with the cost of living on the road to your home business tax deductions. During the year, make sure you keep documentation of your mileage, your trips, food, etc. Now, what about the really big stuff? Well, when making home business tax deductions, you can also take into consideration insurance premiums (if you are self-employed and pay for your own insurance), the money you deduct for retirement, and half of what you pay towards your social security. And if your children are seventeen or younger and are working for you, you can deduct their salaries as business expenses. This is just a quick scan of the home business tax deductions you can take advantage of. For more information, check out www.bankrate.com, and talk to a tax professional. Vincent Murphy can help you to find the best home based business ideas and opportunities so you can work at home, visit: http://www.HomeGrail.com

Get Organized Now! Ideas, tips, tools and more to help you organize your home, your office and your life! Page 3

Presented by Daniel Toriola

Related eBooks: Home Business Tax Deductions Home Office Deductions Networker Marketing / MLM and the IRS - What You Need to Know Taxpayer Advocate – Customer Service at the IRS Small Business Tax Tips: How to Deduct Anything Get more Free PDF eBooks at FreePDFeBooks.com Related Products: Disaster Preparedness and Crime Protection Manual Build Your Own Mail Order Empire Gag Gifting. How to Gain and Retain More Customers The Power Of Laughter

Malamaal.com: A genuine resource center for Quality Ebooks and Softwares
This PDF eBook is for free Distribution only, it cannot be SOLD Anti Virus Program Ready to promote with 75% revshare. By Platinumpartner.com. Click here to know more

Powered By FreePDFeBooks.com ReBrand this PDF eBook with your Name / URL / ClickBank Affiliate ID for Free

I Need More Time! Time management tips and tricks to organize your home, kids, wardrobe, and office. Page 4


				
Patricia Johnson Patricia Johnson Management Consultant
About Sharing ideas with others. The documents may contain basic information you already know. The documents are shared, also keeping in mind the people who don't know. Also, the documents might be useful to those who think they know buy they don't know that they don't know.