“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.”
Think about this quote by Robert Kiyosaki for a minute. When it comes to taxes and your home based business how much money are you giving away that could be invested?
When we first got started with our home based business with Young Living we did not have a clue on what we could or couldn’t write off, and frankly neither did our “tax guy.” Tax professionals have come and gone in our lives and we have found one that resonates with us. We recommend interviewing many different people for your needs and asking pointed questions regarding their comfort level with home based/network marketing businesses, as well as references. The key here is to actually call the references and ask them questions.
Since we get asked tax questions constantly, we thought we would post where we go for some of our answers. A very good reference book to read is by Ronald R. Mueller, MBA, Ph.D., called “It’s How Much You Keep That Counts!, Not How Much You Make.” This book is an easy “plain english” style step-by-step guide to home-business tax breaks and authorized by congress.
We are not tax professionals, far from it actually, but we do believe you should be able to keep (legally of course) as much as possible that you earn. Money is not a bad thing…it is how you use it that determines it’s true value.