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LIFE FORCE BLOG
CHOOSING ABUNDANCE
Posted Friday June 11, 2010
I recently had an opportunity to hear Stephen Covey, world renowned author of The Seven Habits of Highly Effective People, discuss network marketing. He described our industry as being enticing because of its abundance. "There is room for everyone to succeed,” Covey says, "because as you help lift others up to higher levels, the business model rewards you.”
Not every industry is as rewarding. The world around us becomes more stressful and demanding every day. According to the results of a recent gallup poll, it’s no wonder people are fearful. Here are a few points that Covey shared:
- 60% of Americans feel that the current economic situation is the biggest crisis of their lifetime. That means that in the United States alone, over 180 million people are living with this fear daily.
- 77% of Americans are living paycheck to paycheck.
- Retirement accounts lost about 40% ($3.3 trillion) in value between September 2007 and September 2009.
- 67% of people consider quitting their jobs on a daily basis.
- The national workforce feels hopeless and 61% of workers would prefer to be their own boss.
- Workers rate the ability to balance work and family as the most important indicator of satisfaction with their job.
All these statistics are legitimate reasons to be fearful until you realize that they all point to the unlimited potential and abundance of the network marketing industry. With network marketing you have a choice.
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Tags: business opportunity, direct selling, hours, Life Force, Members, Network Marketing, products, self-employed
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EMBRACING TAX SEASON
Posted Wednesday February 17, 2010
The countdown to April 15th has begun, but as an entrepreneur tax time doesn't have to get you down.
Here are a few tips* to help you embrace tax season:
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Find an accountant who understands the home-based business or direct selling industry. Someone who has worked with others who are self-employed will be familiar with both the benefits and restrictions of the tax code as it relates to the direct selling industry and will be able to help you apply the code to your personal situation.
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Know what questions to ask. Go into the meeting with your accountant armed with good questions. For instance, what does the term "start up costs” mean - and what tax breaks are available in this area? What costs can be deducted when traveling to the Life Force convention? What items qualify for home office deductions? What is considered an eligible entertainment expense?
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Keep good records. This means saving receipts, logging mileage, and maintaining documentation of business related supplies, travel and entertainment expenses. There are deductions to be had, but you’ll need documents to verify each expense.
The Direct Selling Association (DSA) has a great video with more tips on minimizing your tax obligation as it relates to your business. Take a look:
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Tags: Direct Selling Association, home-based business, Life Force, self-employed, taxes
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