MLM Tax Deductions

When it comes to MLM tax deductions, it is all about how the item is used for your business and what is allowed to be written off. I'm going to give you some deductions that you probably never thought of that you can take. The government allows you to keep as much money as you can, so your not cheating the system. In actually, they are cheating you by taking your property which they say you are not liable to pay taxes but that is another story.

When you file your taxes and you don't take all deductions possible, then you are giving the government your hard earned money for free. I know you don't want that.

You already know that the tax code is written by lawyers that don't want you to understand it. They hide things in there so it is not easy to understand. I personally have been reading and studying it. Yes, I'm nuts.

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I listened to a guy named Sandy Botkin about mlm tax deductions. He shared some great tips about deductions not currently being taken. I'm going to share some of those with you and more. But then I came across another guy that was even better. He was sharing how to take deductions that Sandy said you couldn't do.

Heck, I liked this guy even better from the start!

These things that I share are for the US and USA. You will also have to check to make sure these tax deductions are still available at the time you are filing. They are always changing things and sometimes they remove deductions. This is not tax advise, get that from someone that is qualified.

You need some software to keep track of your business deductions. Check out this accounting mlm software.

MLM Tax Deductions You May Not Be Taking

Keep this in mind. When you do MLM tax deductions, you don't get 100% of that money. So if you spent $100, only about $20 gets returned, something like that. So don't go spending a bunch of money thinking you will get all of it back.

• Haircut: If you are meeting people or doing video, you need to look presentable for your business appearance. So anything to help with your appearance could be a tax deduction.

• Food and Entertainment: While the deduction for this is very low, if you go out to eat with others or even buy food and prepare it at home and invite others over to eat, you can deduct it. This could be a current downline or upline, someone that you would like to be in your business (future prospect - how about your children? Want them in your business when they grow up), is your wife your partner in the business?

  How about lunch with coworkers? You go out to lunch once a week? Everyday? They are future prospects right? Well then its a deduction. You are building a relationship with them and MLM is all about relationship building. Entertainment is vacations, amusement parks, movies, etc etc. So when you think about this, it opens up a lot of MLM tax deductions that you are currently spending. The last time I checked, you can deduct 50% of this one.

Remember the guy I said I liked better than Sandy Botkin? I'm going to tell you how to contact him in a minute. Here is something big I learned from him.

• Autoship: People always want to know, can I deduct my autoship. Sandy Botkin said, sorry, no you can't because it is personal use. This tax coach expert says this, "To be deductible, a business expense must be both ordinary and necessary." That is what the IRS says and an autoship is certainly that. He goes on to say, you can deduct an autoship that is only at the value of your required amount and nothing over that.

• Dog & Cat: Here is another one that he mentions that I certainly didn't think of. He says if your dog is an "alarm" or protection for your house and property, then your dog expenses are deductions. If your cat is for pest control, then your cat expenses are deductions. Maybe you don't have many pests, but I'm sure you have bugs and spiders that the cat and dog go after for you.

• Child Tutor/Teacher: This one I learned from someone else. A friend was told that he couldn't write off his children's private tutor/teacher. But... He realized that he can write off childcare. The tutor/teacher was teaching his children but was also providing childcare at the same time so him and his wife were able to do things they wanted or needed to. So just by looking at it in a different light opened it up to be a deduction.

Here is his link and how to obtain his professional services. Tax Coach - How To Stop Making Uncle Same Your Favorite Charity

Now that you have learned a lot about MLM Tax Deductions, be sure to scroll up and sign up for the 8 Day BootCamp to explode your business and create multiple streams of income.

To Success,
TJ Chambers