It’s here agin – Tax time!!! And most of my team asks me every year around now “What can I write off for my business and what can’t I write off?
I do the taxes myself. One day I’ll be a millionaire and will pay someone to do all that but not yet 😉 so, I wanted to pass on the information that I know will help you in doing your taxes or tracking your income/expenses this coming year for next year’s taxes.
NOTE: The information contained in this post is simply meant to help you understand home office deductions. You should speak with your accountant or other tax professional for guidelines and guidance specific to you and your home based business.
Basically, you can write off any expense you spend that goes towards earning money or trying to earn money. Office supplies, postage, biz cards, online expenses like GoDaddy or any advertising. Miles you drive or travel if you go to any events (super Saturday, etc). Only clothing that has the Beachbody or other logo for Shakeology, workout programs,or dvds, etc can be written off. If you purchase a product, and then turn around and sell it, obviously… and any giveaways you buy for your customers or team members.
If you have a dedicated are in your home set up as your home office there are lots of deduction there as well – you can read more details on that in my other post specific to maximizing home office deductions by clicking here.
Here are some other specific questions I hear a lot:
[bs_citem title=”Can I write off my monthly business service fee?” id=”citem_2496-d152″ parent=”collapse_c92b-4bd9″]
[bs_citem title=”Can I write off my monthly Shakeology HD orders?” id=”citem_674c-643e” parent=”collapse_c92b-4bd9″]
NO! Anything you consume personally or use (Shakeology, dvds, weights, etc) canot be written off. Only thing is the logo wear and thats because it is considered advertising as well…
[bs_citem title=”Can I write off items I purchase as prizes for my challenge groups” id=”citem_230f-4606″ parent=”collapse_c92b-4bd9″]
[bs_citem title=”Do we need to have receipts for all of these things?” id=”citem_c439-f9c1″ parent=”collapse_c92b-4bd9″]
If you ever get audited yes. Credit card statements will work too, just have the 5 w’s covered (who what when where why)
[bs_citem title=”How much do you have to earn in order to file with the IRS?” id=”citem_4ce9-06d4″ parent=”collapse_c92b-4bd9″]
Well, you should file no matter how much BUT, you get a 1099 from Beachbody only if you received $600 or more, so you for sure need to file then or else you’ll get an IRS notice.
[/bs_citem][bs_citem title=”Where do you get the 1099 for Beachbody?” id=”citem_4ce9-06d4″ parent=”collapse_c92b-4bd9″]
Beachbody mails out the 1099 form to all coaches who have earned $600 in commissions in the calendar year.
You know I see posts come up all of the time on social media from marketers saying things like “sign people up on autopilot” – now maybe it’s just me but that is NOT how I would want to run a business. I much prefer the 1:1 approach (plus ‘autopilot’ just sounds scammer to me that one of the reasons Direct Sales gets a bad reputation when it’s actually a really wonderful gift).
I am not saying you should not use tools for your business such as email campaigns to continue reaching your audience regularly – that is an absolute MUST do.
But “autopilot” is never a good approach. At the very least, it won’t have lasting benefits if there’s no personal connection. People seem to be under the illusion they can get results by osmosis, whether it’s business, weight, or anything else that actually requires WORK.
Be honest and let people know that to build a true and honest, lasting business they will need to put in some work to reap the rewards.
It happens to the best of the best. You cultivate a relationship with someone in the hopes that they will become a customer or a team member with your direct sales company. Or maybe they are already a customer and you want them to join the team because you know how much they love your product line.
Then you see it. You open up your Facebook and there they are – posting how excited they are to join a competitor company, or worse yet your same company under a different rep! ARGH!
Here is what I have to say to that:
Some will, some won’t, so what, next!
Just keep on sharing, posting how happy you and your customers are, the amazing differences of you products line and opportunity, and get new customers and new leads.
Here is a mental image for you. Let’s take the analogy of owing a Subway sandwich shop and someone comes in and they say ‘no thanks’ when you ask if they want olives on their sandwich. How about one day while at your Subway shop you then see someone going next door to the Chinese restaurant for lunch instead of coming into your Subway. Are you going to be upset all day, close up your shop for good? No way! It should just make you more determined to have people say ‘hey, what’s going on in there – let’s go there’.
Just keep asking. Keep letting everyone know what you really do, really ask someone and let them know what your products and opportunity have to offer and that you would love to have them on your team. They ask them “would you like to hear more”. Many time we assume people will just ask – WRONG – they won’t.
Build a relationship first but always make the effort to actually say “would you like to….” because in the end if you do not offer the chances are you are missing out on a lot of customers and team members.
So every week I get asked questions that I try my best to help people when it comes to growing their business.
This week I was asked a VERY good question by one of the awesome members on my team, Angelia. Everyone spends a ton of time learning social media but she wanted to know how to market her business outside of social media.
What a GREAT question!
And in thinking about it I realized that many times we focus so much on social media we forget that there is a real world out there waiting to be talked to!
So here is my new eBook FREE for you:
I hope you enjoy reading all of the ways you can generate a solid local business and grow your customer base and your network marketing team size.
As they say “do what you love, love what you do!”
We have all heard the stories of unsupportive spouses. I will be straight up honest, I am dealing with one right now.
I recently have found an amazing vision for my business but in order to put that vision into action (which in turn will produce better financial stability for my family) I need to put in the hours – most likely quite a few of them getting my lead capture pages, shopping carts and email series laid out.
Yes, in this past week I am spending more time than usual typing away. But on a normal week I have a pretty set schedule of working while our son is in school then just doing periodic check-ins as needed evenings and weekends.
No I could go on to tell you how to resolve conflicts but I want to address something. I want you to take a good solid look at our relationship with your spouse. Then ask yourself why are they so opposed to you becoming successful and bettering your family financially.
For our family this is a no brainer for me. He is unemployed, has ZERO income, and I am the only source of security our family has when it comes to money. To me that triggers me to work harder to make sure that we are not struggling, that we can pay the bills and buy clothes when we need them and put put on the table.
Just like any other job if you do not work you do not get paid.
I have read numerous articles about how to “deal with an unsupportive spouse” most of which will tell you to step away from your grand ideas of what your business could be.
Those articles are fine for what they are worth but the real fact of the matter is that if you have a vision, a clear cut path that could improve your family’s situation – GO FOR IT with everything you have inside of you and make it a reality.
For me, no matter how much I show my husband what can happen if I get this done he does nothing but complain about the time I spent working on my computer. It does not matter what time of day it it – today he started an argument with over my morning coffee! This time each day I spend preparing my social media for the upcoming week.
For us the issue is much deeper of a conflict than just “you work too much”. The issue is that only one person is making an effort while the other is doing nothing to better the situation.
He complains now. He used to complain when the bills were not paid and we lost our tv or cell phone service for a few days – which now never happens because I make enough to pay all of our bills in full each month with my Beachbody income.
Me being me – I pointed this out to him today that he is yelling at me for working but when he cant watch tv or use his cell phone he used to yell ay me for that as well. You can’t have it both ways, and to me if you not helping solve the problems (aka get a paying job or start a business that has an income) then you need to let the person keeping your family afloat do their thing.
But I also want more than to just pay the bills. I want to have money in a savings account. I want to have cars that do not break down once a month. I want to be able to go buys nice clothes or go have dinner at our favorite restaurants any time we want.
I do not mean to sound materialistic. I simply never want to struggle again. I did it for many years and I have said “this will not continue to be my life” and I have gone for it and continue to grow my business to give my family security and nice things.
The saying from Dave Ramsey comes to mind:
If you will live like no one else, later you can live like no one else.
At some point we will hit a crossroads – because I know my business is becoming more successful which each passing week. The crossroads will be how much of the rewards should he reap when we get to that point if he cannot be supportive during the process.
That now remains the question that is yet to be answered for me.
Conflicts happens. I get that. Especially for us with our history. But I know one thing – through all of those struggles I know what my vision is for my life and I will not allow anyone, my husband included, to cause me to fail. If nothing else this gives me even more drive to become wildly successful!
So tell me in the comments – how would you deal with a spouse who is throwing up such big walls for you to deal? Do you give up your dreams or press harder?
In the end the only person who determines your level of success is YOU!
Instagram is one of those outlets we have all heard can grow your business substantially when used properly. The biggest problem – remembering to upload your photos at nicely spaced intervals throughout the day to build your following.
I am sure you have heard that you cannot schedule your posts of your beautiful photos to Instagram. And many people have ore than one account(although I recommend you only have ONE business account not multiple ones).
Well help has arrived – the fact is that you CAN schedule your Instagram posts! Yes – you heard me you CAN schedule your posts ahead of time the same way you do with your other social media sites.
I have personally tested two top notch programs to help you accomplish Instagram Domination. After all if you are not posting – you can’t grow your following and in turn grow your business.
The first is AutoGrammer.
This web based platform allows you to schedule unlimited posts to Instagram. It has a built in photo editing suite letting you add text, frames, effects and much more. It also offers a bulk upload feature so you can upload all of your photos (then you schedule each one by one after they are uploaded).
They offer a 7 day or 7 photos uploaded – whichever comes first – free trial (no credit card info is required) and then cost only $19 per month no matter how any followers you get on your account making it very affordable to anyone.
The second is ScheduGram.
This is also a web based platform that allow you to do everything AutoGrammer does including a free 7 day trial but you must enter your credit card information when you register.
Also when you sign up for the free trial you need to wait up to 24 hours for their team to approve your account to be used with their service. The approval requires that you (1) have at least 5 photos on the account already (2) that the account is set to public not private and (3) you have listed your email address and phone number on the account.
The difference is that ScheduGram also allows you to schedule your first comment to each post you have scheduled. The reason this may be helpful is that many people use hashtags to help drive eyeballs to their posts. To make it more “eye pleasing” putting your hashtags in the first comment is preferred by some marketers while others simply break up the post using dash marks and putting the post in paragraph form.
Another thing that is different is that they are directly integrated with Canva so you and design and load all in one swipe.
However with the extra little features comes extra costs – ScheduGram starts at $20 per month then increases to $70 per month based on how many followers your account has (it does not say what the cost is once you reach over 1,000,000 followers).