HOME BUSINESS TAX CONSULTANT
Wouldn't it be great if you could write off your Hobby ?
Well You Can If You Just Know How !
The IRS tax codes explain in great detail the things that you can write off when you own your own business. In a nut shell what they say is that you can deduct anything that is for the benefit of your business and is of course legal. In one of the other pages I explained how you could build a business around a photography hobby now lets look at a simpler business. One of the most popular methods for starting a home based business is of course network marketing, how might someone who likes to travel use that hobby within his/her network marketing business?
One of the wounderful aspects of network marketing is that you want to have customers and other members coast to coast and some times around the world. If you wanted to visit Boston and write off the trip you would have two ways to legally get that accomplished. The first is to schedule the trip as an area developement trip. That is to say you are trying to break into that market with your network company. You would set up some appointments with people in the area eithor thru personal contacts, placeing an add in the local paper or just meeting people once you got there. You would fly out with your spouse who is also a member of your network and do your business. Make sure that you "Bullet Proff" your expenses in meeting with those people. If you do that trip is tax then deductable and since no one said you have to spend a certain number of hours a day doing your business you can sight see on your time off. The second way the trip can be deductable is if you have customers and distributors in the are already. In that case since training is the backbone of any marketing company simply schedule a training meeting in Boston and away you go.
Lets try another one (my favorite) fishing. How would you deduct a fishing hobby. Well another nice thing abought network marketing is that your immediate customers and members tend to be people you know and as such have many of the same interests as you. In my business I have a number of people who enjoy fishing like I do, so whenever I want to go to a new area fishing I get a few of my business friends together and plan a working trip. We go out to the area talk to some people, get some customers and on our off time we fish. Since I like to fish early mornings and evenings this works great. Another way that you could deduct your fishing would be if the network marketing company sold fishing supplies. In this case a natural off shoot of selling fishing tackle would be to demonstrate its use to prospective buyers the only way to do that is to get out on the water so again your trips are deductable.
How abought Golf ? Golf is a widely accepted form of business entertainment and if it is used for business purposes it will be deductable. Why talk business over coffee when you can meet a potential client for a round of golf ? Again you will need to "Bullet Proff" your records but that will only take a moment and after all isn't it worth having your spouse want you to "go play" ! (hey! is your mom or dad a client?)
As you can see with a little creativity almost anything you do can be a tax write off if you do it properly. Is it extra work for you, paying attention to a few details? Sure it is, but darn little when you look at the rewards. If you want to be in the 3% who are financially successful then you need to do the things they do! Start here !
Wouldn't it be great if you could write off your Hobby ?
Well You Can If You Just Know How !
The IRS tax codes explain in great detail the things that you can write off when you own your own business. In a nut shell what they say is that you can deduct anything that is for the benefit of your business and is of course legal. In one of the other pages I explained how you could build a business around a photography hobby now lets look at a simpler business. One of the most popular methods for starting a home based business is of course network marketing, how might someone who likes to travel use that hobby within his/her network marketing business?
One of the wounderful aspects of network marketing is that you want to have customers and other members coast to coast and some times around the world. If you wanted to visit Boston and write off the trip you would have two ways to legally get that accomplished. The first is to schedule the trip as an area developement trip. That is to say you are trying to break into that market with your network company. You would set up some appointments with people in the area eithor thru personal contacts, placeing an add in the local paper or just meeting people once you got there. You would fly out with your spouse who is also a member of your network and do your business. Make sure that you "Bullet Proff" your expenses in meeting with those people. If you do that trip is tax then deductable and since no one said you have to spend a certain number of hours a day doing your business you can sight see on your time off. The second way the trip can be deductable is if you have customers and distributors in the are already. In that case since training is the backbone of any marketing company simply schedule a training meeting in Boston and away you go.
Lets try another one (my favorite) fishing. How would you deduct a fishing hobby. Well another nice thing abought network marketing is that your immediate customers and members tend to be people you know and as such have many of the same interests as you. In my business I have a number of people who enjoy fishing like I do, so whenever I want to go to a new area fishing I get a few of my business friends together and plan a working trip. We go out to the area talk to some people, get some customers and on our off time we fish. Since I like to fish early mornings and evenings this works great. Another way that you could deduct your fishing would be if the network marketing company sold fishing supplies. In this case a natural off shoot of selling fishing tackle would be to demonstrate its use to prospective buyers the only way to do that is to get out on the water so again your trips are deductable.
How abought Golf ? Golf is a widely accepted form of business entertainment and if it is used for business purposes it will be deductable. Why talk business over coffee when you can meet a potential client for a round of golf ? Again you will need to "Bullet Proff" your records but that will only take a moment and after all isn't it worth having your spouse want you to "go play" ! (hey! is your mom or dad a client?)
As you can see with a little creativity almost anything you do can be a tax write off if you do it properly. Is it extra work for you, paying attention to a few details? Sure it is, but darn little when you look at the rewards. If you want to be in the 3% who are financially successful then you need to do the things they do! Start here !
