Top Three Year-End Tax Saving Tips for Network Marketing / MLM and other Home Business Owners to Reduce Income Taxes
1 question a lot of network marketers and residence business owners usually ask is what they can do at year end to lower their income tax bill. Here are my leading three year-end tax guidelines. Take action between now and December 31st and it can pay large dividends for you when you file on April 15th of next year: Accelerate Expenses. Stock up on fax paper, printer cartridges, and other office supplies, cash flow permitting. Prepay subscriptions, equipment repairs, and travel bookings. Pay your January office rent in December. Pay cell phone, insurance, and utility bills now rather than waiting until soon after Jan. 1st. Most modest and/or property companies are ‘cash' basis taxpayers, so paying bills early allows you to maximize your deductions on this year's return. Defer Income. Any payments your business can receive during the 1st week of January as opposed to December will reduce your tax bill for this calendar year. Each cent of income deferred until... [ Continue reading... ]