25 Home Business Tax Deductions For Network Marketers

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Home Business Tax Information

My hope is that you can use this Home Business  tax information to help you get started understanding and taking advantage of the tax deductions you are alloted for your home business or blog. By all means, if you don't understand something, check with an accountant or tax expert to help you unravel the I.R.S. tax code.

I do use Quick Books for my book keeping and TurboTax
for my tax preparation.

Please check with your home state's tax code as some states may differ in their tax language.

Start taking advantage of your Home Business deductions today.  I can't emphasize enough to document everything. Use the list below to help you start deducting today.

I need to add this disclaimer, use this tax information as a guide.
Please contact a tax professional to discuss your particular tax
situation.



Happy Deducting,



Kelly Wissink
Internet Marketing Specialist

46 Tax Deductions That Bloggers Overlook 

46 Tax Deductions that Bloggers Often Overlook
But what constitutes a proper deduction is another story - and bloggers usually err on the side of not deducting enough (and not the other way around).

Meet the Author 

featured lens Meet the Author- The Lensography of Kelly Wissink

Squidoo started off as a way to generate traffic to my home business website, which it has done. Somewhere along the way it has turned into a giant. It is a joy connecting with other like minded squids and developing lenses around my passions. Squido...

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Organize Your Tax Deductions 

Document Everything

It is important to be organized from the start. I shop at my local Staples or Office Depot to get my office supplies.

Save all your receipts that are business related. Label each file in your accordion file folder with a month. Place all your paper clipped receipts by month.It's important to keep accurate records.File cabinets are great too if your have room in your home business office.

Keep a mileage log book in your vehicle.

Marketing Expenses 

  • business cards


  • brochures


  • flyers


  • stickers and labels


  • cd's


  • copying


  • printing


  • letterhead


  • stationary and envelopes


  • thank-you cards


  • product give aways


  • advertising- Newspaper, magazine, radio, TV, internet


  • business checking account

Office Supply Expenses 

  • envelopes


  • postage


  • shipping


  • printer paper


  • printer ink


  • pencils , pens, markers, highlighters


  • notebooks


  • post-it notes

Office Equipment 

  • Computers and repairs


  • printers


  • fax


  • copy machine


  • answering machine


  • furniture


  • office space


  • file cabinets

Multi-Media Expenses 

  • Cell phone, phone bills


  • PDA


  • digital camera


  • video recorder


  • iphone, ipod


  • voice recorder

Travel Expenses 

  • Mileage


  • tolls, parking fees


  • airfare


  • trains, subways, bus fees


  • lodging


  • meals


  • conferences


  • conventions


  • seminars


  • entertainment


  • rental car


  • Business gifts

Internet Expenses 

  • Website hosting


  • domain names


  • web design


  • blogging expenses


  • podcasting -ipod, sotware


  • accounting software


  • tax software


  • internet service


  • classes


  • webinars


  • marketing

Educational Expenses 

  • literature- books, journals


  • newsletters


  • ezines


  • internet training


  • educational cd's and dvd's

Trade Show Expenses 

  • booth fee


  • travel


  • meals


  • tables

Tax and Accounting Software 

TurboTax Home & Business Federal + State 2007 [OLD VERSION]

TurboTax Home & Business Federal + State 2007 [OLD VERSION]

Release Date: 11/16/2007

Avg. Customer Rating: Amazon Rating

Amazon Price: $24.65 (as of 07/11/2009) Buy Now
List Price: $89.95
Used Price: $9.98

Usually ships in 1-2 business days

TurboTax Premier Federal + State 2007 [OLD VERSION]

TurboTax Premier Federal + State 2007 [OLD VERSION]

Release Date: 11/16/2007

Avg. Customer Rating: Amazon Rating

Amazon Price: $23.99 (as of 07/11/2009) Buy Now
List Price: $74.95
Used Price: $5.39

Usually ships in 24 hours

QuickBooks Simple Start Plus Pack 2008 [OLD VERSION]

QuickBooks Simple Start Plus Pack 2008 [OLD VERSION]

Release Date: 10/11/2007

Avg. Customer Rating: Amazon Rating

Amazon Price: $26.03 (as of 07/11/2009) Buy Now
List Price: $99.95
Used Price:

Usually ships in 1-2 business days

QuickBooks Pro 2008 [OLD VERSION]

QuickBooks Pro 2008 [OLD VERSION]

Release Date: 10/11/2007

Avg. Customer Rating: Amazon Rating

Amazon Price: $180.99 (as of 07/11/2009) Buy Now
List Price: $199.95
Used Price: $139.99

Usually ships in 1-2 business days

Learning Quickbooks 2008 [OLD VERSION]

Learning Quickbooks 2008 [OLD VERSION]

Release Date: 10/14/2007

Avg. Customer Rating: Amazon Rating

Amazon Price: $15.30 (as of 07/11/2009) Buy Now
List Price: $39.95
Used Price: $16.60

Usually ships in 1-2 business days

Tax Links 

Office-in-Home Tax Deductions - Home Business Use of Your Home
If you qualify, taking deductions for business use of your home can save you money at tax time.
Make Tax Filing Easier With These Record Keeping Tips
Make Tax Filing Easier with These Record Keeping Tips. What records should you keep for tax purposes and how long should you keep them?
Utilizing Network Marketing Tax Deductions - Associated Content
How can you utilize network marketing tax deductions in your business?
mlmlegal
If your network marketing business is making money, there is no reason why you should not be able to write off legitimate business deductions. Fair and honest deductions will save you a lot of money, but remember pie-in-the-sky or fantasy deductions may trigger audits and cost you money.
Mlm Tax Deductions Article
Network marketers are often concerned about MLM tax deductions, because they are not really sure of what items or expenses can legally be deducted and what constitutes a real business.

Social Media For Small Business on Slideshare 

Social Media For Small Business_By Jenni Lloyd, NixonMcInnes by RuthBaker

Jenni Lloyd; Experience Designer and Consultant at NixonMcInnes' presentation on Social Media for Small Businesses at Fresh Business Thinking event. More information on Jenni can be found here - http://www.nixonmcinnes.co.uk/people/jenni/ More information on NixonMcInnes can be found here - http://www.nixonmcinnes.co.uk/
 

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Tax Deduction Feedback 

Lensmaster

LeanneAttwell wrote...

Curt & Kelly, great lens! Thanks for the info!

ReplyPosted February 24, 2009

Lensmaster

Xplosive wrote...

Great Lens... Really enjoyed reading this!

Josh
www.JoshBradley.ws

ReplyPosted January 29, 2009

Lensmaster

The information in the lens is interesting and informative. This information is very useful to the home based business holders. Feel free to check out my the accountantguide blog.

ReplyPosted November 20, 2008

Lensmaster

The information is very useful to the home based business holders.A big 5***** for your lens.
Feel free to visit my taxattorneyfinder blog

ReplyPosted September 09, 2008

Lensmaster

scss wrote...

What an impressive lens you have created here - essential reading for newbie network marketers, who rarely take the full tax benefits from their business.

I'll be sure to share this lens around with new MLM'ers in our team - thanks!

ReplyPosted June 05, 2008

 
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About Me 

Lensmaster kellywissink, aka Curt and Kelly Wissink, has been a member since July 12 2006, has rated 419 lenses, favorited 111, and has created 116 lenses from scratch. This member's top-ranked page is "How You Can Get Rid of Japanese Beetles". See all my lenses

My Bio

Kelly and Curt both have a background in teaching and a passion for using their gifts to empower others to work from home.



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