LIFE FORCE BLOG
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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