According to the Fraser Institute, the average Canadian family pays approximately 40% of its income in taxes! To reduce that percentage for your family, consider what deductions you can apply to your income tax return. As the year ends, this is the time to seriously consider employing a strategy such as this to reduce your 2011 tax bill.
You Can Have More (Much More!) Money in Your Pocket
Here’s today’s number one strategy for tax reduction: Take advantage of the deductions that you are legally allowed to claim as the owner of a home-based network marketing business. In the normal operation of your business, you use your home and car and are required to travel and entertain. That entitles you to deduct a portion of those expenses, for example:
- Home costs, including mortgage/rent, maintenance, utilities, and insurance
Vehicle costs, plus mileage, gas and repairs
Office expenses, including advertising and equipment
Entertainment costs, including dining with clients and attending meetings
Travel costs, including trips to conferences, trainings, and trade shows
Investment in your business (both in products, training, and capital expenditures)
Getting Started Is Easier Than You Think
Like starting any business, starting a home-based business takes some time and risk. But because of the support mechanisms that are available to help network marketers, it’s far easier to start a network marketing business than to start a traditional brick-and-mortar business. And you can keep your regular job in the process.
In addition, you don’t need a big investment. In fact, the money you save from the allowable tax deductions alone will usually more than cover your start-up costs. Therefore, if you get set up before December 31st you are entitled to claim expenses against your 2011 income.
Count the Benefits (Then Start Counting Your Blessings)
Once your business is up and running, you not only qualify for some great tax deductions, but you can also reap many more benefits:
- Improved health when your business is in the wellness arena
Increased peace of mind knowing you are creating a residual income (aka – relief!)
More money in your pocket for you and your family (aka – less stress!)
More time to do the things you love to do (aka – freedom!)
Increased self-confidence and sense of self-worth (aka – personal empowerment!)
Free coaching and mentoring from successful entrepreneurs (aka – community support)
A chance to make a huge difference and be in service (aka – fulfilling your mission!)
An opportunity to create a a willable business (aka – leaving a legacy!)