Tired of getting kicked in the tax testicule’s by the government every year?
We don’t blame you. Watch this:
As entrepreneurs we all have access to crazy tax advantages that most people don’t.
Lemme guess, your MLM company didn’t really teach you much about those?
Well sharpen your pencil, throw your Spice Girls back pack in your cubbie, and bust out that fresh five star back to school binder because class is in session.
Like you, MLM taught us virtually nothing about what to do when it came to taxes.
Luckily we’ve had the good fortune of having a great accountant groom us in the fine art of tax Taekwondo from the start of our career.
Although we’ve still had to learn some lessons the hard way we have avoided a lot of the pitfalls we see most network marketers getting kicked into.
We have seen taxes catch a lot people (especially leaders who make significant income) totally off guard.
Like a silent assassin creeping up on you waiting to cut your financial throat.
When network marketing companies pay you a commission they assume and expect that you will look after your taxes.
Because most companies never train or educate their reps on the subject it’s up to you as a responsible business owner to seek out good information and apply it yourself.
When network marketers neglect doing this the results can be disastrous.
Imagine getting a high five or even a six figure tax bill at the end of the year that you have done nothing to save for?
The government certainly can imagine it. In fact they have a plan they’ve devised just in case such an occasion arises.
Without getting into to much detail let’s just say it involves interest on money owed, crazy fees and fines, and if you’ve been really shady or neglectful…prison time.
(don’t drop the soap!)
So how do you make sure you don’t fall victim to the tax trap?
Don’t sweat it. We’ve got ya covered.
5 Tax Tips MC Hammer Should Have Followed
1. Get A Good Accountant
A good accountant is worth their weight in gold! If they are good they can significantly reduce the amount of money you will pay in taxes through legal and clever tax deductions.
Don’t put getting one off. You can’t afford NOT to have a professional handling this area of your financial life for you.
Having trouble finding a good one?
Ask for a referral from friends and other networkers.
Want to know how we significantly reduce our taxes and have access to some of the best advice we’ve received from our tax strategist? Check this out.
2. Keep All Your Receipts
Keeping yourself and your records organized is a must if you want to take full advantage of all the tax benefits available to you as an entrepreneur.
Every accountant is a little different so check with them on how they would like you to keep things organized.
3. Move Somewhere With Preferential Tax Laws
This one has the potential to save you millions over the course of your business life.
Where you live is a huge factor in how much tax you’re ultimately going pay.
If you have the ability to do as we do and change your scenery to a state, province, or country that has favourable tax treatment (Alberta, Nevada, Delaware, Florida etc) then do it.
We get that not everyone will or wants to take full advantage of this one, but for the seriously committed the upside is huge!
Again your accountant will be the best source of advice on incorporating. If you’re fairly new to network marketing or not full time than this will likely be un necessary.
However if you’re making significant part time money or are full time than incorporating will likely save you a lot of loot on a year to year basis.
Still awake? Cool.
We realize taxes ain’t sexy.
(which is why most people suck at taking advantage of them effectively)
If you put some of what we’ve talked about here into action and make a commitment to get your tax game on lock down you put yourself on the path to real wealth.
If you want to learn exactly how we personally set ourselves up to take maximum advantage of all tax benefits, get access to our personal tax strategist, and have us personally coach you through structuring your business to build you real wealth and not just a pay check apply below:
Leave us a comment below if you have questions. We love hearing from you.