Tax season is right around the corner for direct sellers. Are you prepared?
Consultants, have you kept track of your IRS tax deductions? Did you know that you can deduct such expenditures as meals, entertainment, home office space, and business and travel expenses on your taxes (within reason)?
Network marketing executives, do you know why MLM companies are not excluded from paying sales taxes? What is your approach to collecting sales tax?
The IRS offers a significant amount of advice for direct sellers when it comes to taxes. The IRS defines “direct sellers,” outlines their potential income sources and common expenses, as well as provides many tax tips for those who may need to refresh their memories for the 2013 tax season.
MLM expert attorney, Jeff Babener, discusses the issues of taxes in network marketing in his video: What are the Central Tax Issues for MLM?
Lastly, visit the mlmattorney.com tax page for links to the necessary publications/forms, the IRS withholding calculator, and many other small business resources. And, don’t forget to tell us your tips on how you organize and prepare for tax season!
Visit www.mlmlegal.com and www.mlmattorney.com for more information on the network marketing industry.
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