Home Business Tax Fundamentals With Tax Expert Patti Reece Discover the tax benefits most Shaklee Distributors aren't aware of.

2. One of the great benefits of running
a Shaklee business is the
excellent tax advantages.
What you may not know is that there
are several tax breaks that many
Shaklee distributors aren't aware of.

3. In this webinar, tax expert Patti
Reece
will talk about some of the little-known
tax
breaks and deductions available to
Shaklee
distributors and how you can take full
advantage of them.

4. What
you’ll learn

5. Tax breaks distributors have
that
regular employees don't
What the Qualified Business Income
(QBI) deduction is
How you can take advantage of
tax breaks and deductions
In this free webinar, you'll learn:
Plus, much more!

6. Presented by Patti Reece

7. Patti studied accounting at Mesa College,
which is now Colorado Mesa University, in
1979.
She began preparing taxes in 1989 and
became an IRS Enrolled Agent in 1997.
She's a Fellow of the National Tax
Preparer
Institute, a member of the National
Association
of Enrolled Agents (NAEA), and has been a
Shaklee sales leader for 40 years.

8. Patti has been using YFP for the past
three
years because of the flexibility it gives
her,
especially during tax season.
She loves helping people learn how to keep
more of what they earn by saving on taxes.

9. Disclaimer
The information presented does not in any way replace or
represent formal tax advice.
Please consult a tax professional
with your specific questions.

10. Tax Breaks Network Marketers
Have
That Regular Employees Don't

11. 1 Home Office Expenses
You can deduct the cost associated
with
your home office
You can deduct a proportion of
expenses
related to your entire home:
• Mortgage payments
• Insurance
• Utility bills
• Home repair

12. Things to remember:
• The space must be used regularly
and
exclusively for business
• You must use it for administrative
or
management activities of the
business
• You cannot have another fixed
location
for your business

13. 2 Ordinary Business Expenses
You can deduct ordinary business
expenses
• Accounting fees
• Advertising fees
• License fees

14. The tax advantage here is that many
of
your expenses may cross over between
your home and your business,
including
• Telephone
• Cleaning supplies
• Office supplies
• Audio and video equipment
• Furniture
• Office decorations that improve
both
your workspace and house.

15. 3 Travel and Lodging
Do you like to travel?
Does your spouse like to travel?
Do both you and your spouse promote
your network marketing business?
• Plane ticket
• Lodging
• Meals
• Car rental/transportation
The business travel deduction is a
real advantage for networkers.

16. Of course, you're going to have to make a
clear allocation between the business-
related purpose of the travel and the
vacation portion.

17. 4 Meals
Network marketing is a social
business.
You have to eat and you may as well
have
some fun and do it while you're
recruiting
or selling.
Your deductions are now limited to
50 percent of your meal and
entertainment costs.

18. In addition to the usual receipts…
you should keep for expense
deductions,
The business discussion has to be
during
the activity or immediately preceding
or following it.
You'll need to:
Document the substance of the
business discussion, the business
relationship, and who you had a meal.

19. 5 Automobile Expenses
Vehicle expenses are the most
underkept yet valuable records for
deductions
• Fuel
• Maintenance costs
• Car wash and detailing
• Insurance
• Loan interest

20. 6 Advertising and Promotions
Advertising is one of the
largest
expenses you'll incur as a
network
marketer.

21. Advertising can include:
• Magazine ads
• Newspaper ads
• Internet ads
• Other ads you use to market your
business to others
• Products for samples
Make sure you keep track of all
advertising
expenses during the year.

22. 7 Business Gifts
Do you have friends and family who
are
also customers and business
associates?
A network marketer can convert any
gift
into a business gift, which is
deductible.

23. Under IRS rules, you may deduct up to
$25
for the cost of business gifts given
directly
or indirectly to these people.
That should make you quite popular!
7 Business Gifts

24. What the Qualified Business
Income (QBI) Deduction Is

25. Many owners of sole proprietorships,
partnerships, S corporations, and
some trusts and estates may be
eligible
for a qualified business income (QBI)
deduction—also called Section 199A—
for
tax years beginning after December
31, 2017.
This deduction allows eligible
taxpayers to
deduct up to 20 percent of their
qualified
business income (QBI).

26. The QBI deduction is available,
regardless of
whether taxpayers itemize deductions
on
Schedule A or take the standard
deduction.
Eligible taxpayers can claim it for the
first
time on the 2018 federal income tax
return
they file in 2019.

27. How you can take Advantage of
Tax Breaks and Deductions

28. If you talk to our friends at
the IRS,
they will tell you time and time
again
that the most important aspect
of
claiming your expenses and
deductions is keeping adequate
records.

29. Record keeping and substantiation are particularly important for
deductions
for travel expenses, entertainment expenses, and gift expenses.
The IRS will suggest that you keep a separate bank account,
make a record of all business transactions, and retain all your
records.
And the IRS will always tell you that a receipt is ordinarily the
best evidence to prove the amount of expense.

30. If you’re a serious network marketer, these deductions can enrich
your business and your personal lifestyle by keeping hundreds or
thousands of dollars of after-tax savings in your bank account.
Should you take advantage of the expenses and deductions
in the Internal Revenue Code?
The IRS will tell you that those expenses and deductions
are there for you as long as you don’t abuse them.

31. for joining this webinar.
We look forward to seeing you on one of our upcoming events
where we'll cover more topics on learning to earn online.