MLM Tax Benefits

If you start a legitimate business, even a small one, the new tax cuts you'll recieve can really work to your advantage.

Small business and entrepreneurship are part of the America, and U.S. Congress is here to help one out. Their hope is that some of those small businesses become big ones that hire lots of people and generate more money down the road which turns into more taxes.

ADVANTAGE: You'll might be surprised at what you, as business owner, can write off. Here's how it works. All legitimate costs of doing business are legal to be written off. A few examples:

OPERATING EXPENSES & SUPPLIES: Anything purchased to help in your business, or even a real estate agent, costs of a Wall Street Journal or relevant magazine subscription can be deducted. Or, as a weekend wedding photographer, you buy a ladder for better shooting angles. That counts too -- even if you also use it to remove leaves from your gutters.

TRAVEL: Depending on your business, travel may be deductible. In my case I travel a lot to my MLM business conferences or meet with a client and can take the family along.

WRITE OFF INDIVIDUAL EXPENSES: Since you'll need a hotel and rental car whether you're one or four, the family shares in the subsidy.

VEHICLES: It's almost impossible to write off an entire vehicle, but you can take the mileage deduction, 48.5 cents a mile for business miles driven in 2007 (44.5 cents per mile for 2006), for legitimate business activities. Combine personal trips with that business purpose:going to the post office and make other stops on the way, the whole trip counts.

HOME OFFICE. You need to do business somewhere, if that is in a separate room in your home you can deduct costs from that room.

With all of this being said i still warn everyone humbly to be careful. Having a home based business makes you 2x or even 3x more likely to be audited. But don't be too worried all one needs to ask his or herself is this main question.... Is it really a business?

Also getting a little help doesn't hurt. Keep all your receipts, and when tax season comes don't be afraid to go to tax agencies like H&R Block and etc, they can help you as well. They help me and I'm sure they can do the same for you!

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