network marketing business tips

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If you’re not tracking and keeping records for all of your expenses, your network marketing business is losing money. Remember, you are a small business owner just like the folks running the coffee shop on the corner. Keep track of everything that goes into your business and deduct those expenses at tax time.  You have to keep track of the dollars you spend if you want to take advantage of every break available to you and  boost your network marketing success.

Keep a sharp eye on these areas where your expenses can be tax-deductible.

Advertising

Expenses in this category may surprise some network marketing pros. In addition to the standard printing, newspaper, and magazine expenses, you can take on advertising costs at a trade show appearance, through social media or Internet ads or any other creative means you use to market your business to others.

Phones

If you are conducting business on a landline phone, cell phone or using a conference calling service, keep all those receipts and let Uncle Sam know about them. If this gets confusing, think about designating one phone for business and another for personal use to simplify things.

Office Supplies

Deduct the expenses for paper, pens, legal pads, paper clips, file folders and all those items you use around your desk every day.

Health Insurance

You can deduct premiums paid for health insurance as long as you are not covered through a spouse’s company plan. If your spouse and children are also covered the policy you pay yourself, you can deduct those costs too.

For more helpful tips to create a successful network marketing business and start earning money from the comfort of your own home, be sure to sign up for my mailing list!