Updated: Jun 3, 2019
Standing in my bathroom mirror one day, I blurted out in a low voice "You can do this." I repeatedly said those four words until I finally believed the words that escaped from my mouth. I permitted myself to be empowered that day. I was at a crossroad in my career. I had built a successful tax business, but I desired more. MLM was the next logical step in my business trajectory.
I yearned to balance my professional and personal time. Moreover, I was desperate to find a way to create multi-streams of revenue so that I could live the life I always dreamed about, and more importantly, build a team of like-minded entrepreneurs who shared the same vision and passion for financial freedom. Let’s face it, the world is changing and people just like you yearn for a quality of life defined by them.
The Journey Continues I am ecstatic that I have a team of dedicated mavericks ready to control the reins of their financial future. Don’t get me wrong you have to do the work in order to see the benefit, but the sweet reward of building, maintaining and profiting from your business is one of the best feelings you’ll ever experience.
A Little Tax Talk Hard work produces rewards and with rewards comes taxes. Receiving a tax deduction from an unprofitable business is only good at tax time, so paying taxes is actually a sign of profitable success! Also, when you receive your 1099 statement of earnings at the close of the tax year please note that no withholdings will take place. Be sure to allocate sufficient funds for tax payments from your ongoing earnings so you are NOT met with an uninvited tax bill when tax filing season arrives.
A few other tax tips to keep in mind:
1. Record Keeping: Excellent record keeping will save you money, time and frustration when it comes to tax time. Your records don't need to be extensive, but they should be accurate and useable. 2. Expenses: You can deduct any ordinary and necessary expenses for your business. A great rule of thumb is if the service or product will make you more money or makes your business more efficient or your life as a business owner easier, it is probably deductible.
Bottom Line: Keep up-to-date records, deduct legit expenses, allocate sufficient funds for tax payments and work hard to generate more business and make money! Who’s ready?
*Robin Boyd, President / CEO of Essential Accounting Consultants / MLM tax specialist. She connects with Entrepreneurs, Home-based business owners and Network Marketers across the country to help them plan and prepare their income tax returns.