For starters, It's crazy we are more than half way through 2020...though most of us wish it would have never happened!
As they say, the days might be long, though the weeks, months and years go by fast.
This means one thing that I completely dread doing but know that I absolutely must do it for various reasons.
It's the law
It helps with my overall tax bracket and reduces what I owe the government.
The dreaded task of preparing and filing taxes...yeah I know Taxes were a couple months ago though you can always do your part to make sure your business is aligned correctly and paperwork is all covered.
Here are some of the major things that I itemize for my business that you can deduct from your taxes in regards to working an online business. It is your money, so make sure you keep as much of it in your pockets as you can.
*Marketing courses and training
*Online advertising (PPC, banner ads etc.)
*Shipping and handling
*Mileage travelled to the Post Office to ship out
*Membership site fees
*Cell phone fees (as I do a lot of business from this)
*Much more that a certified public accountant can help with.
I realize this is off the beaten path somewhat and not your typical marketing email today, though you need to be proactive in having all your items lined up appropriately so that you have the maximum benefit.
If you haven't already, make sure you start saving paper receipts as well as your online ones that come into your email either by saving into a designated folder in your email account, or print them out and file them together with other receipts from your business.
One way to help with bills and the amount of receipts you have to deal with would be able to consolidate certain necessary services for an online marketer.
Take the Now Lifestyle for example.
It has a complete business in a box that you can use to lower your tax bracket and reduce what you might owe come tax time as you would have eligible expenses with your monthly fees.
Yes, the membership fee which is currently convers all the marketing tools and your reseller license, would be eligible as business expenses.
Running a solo ad, or facebook traffic...Yep, business expense.
Drive to an event or take someone out to dinner to discuss them joining your business. Yes, again, this should qualify, though alcoholic beverages might not count in your dinner expenses.
Now I am not a CPA, or claim to know anything about taxes, so you should speak with your accountant for the most up to date expenses you can declare.
Remember though, you can't declare anything if you are not involved though. You have to have expenses in order to declare them, or the government would come after you for falsely submitting that information.
You have the freedom to create your own business and to start building your own legacy in the process, though it's not going to get done by itself. You must take daily action.
Be consistently consistent.
Take the next step and get your all in one marketing tools suite lined up today.
Let's do this!
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