I’ve learned a lot about accounting, tracking inventory, and doing taxes for a Norwex business over the years, since my wife has been a Norwex consultant since 2013. In the beginning, we had no plan for her accounting because she didn’t plan on sharing Norwex as a business. Like many consultants, she signed up [...]
If you're in direct sales, network marketing, or own a home-based business (which you are, or you probably wouldn't be reading this right now????) and hold inventory for resale, I'd guess you've had times when you've given products away to incentivize bookings, larger party sales or team members to hit a goal. And if [...]
As with a lot of businesses, sometimes the paperwork and accounting can be more work than actually building your business. In our story we talked about how we built Direct Sidekick based on my wife’s experience when she starting her direct sales business. Tracking her income and expenses was not something she was used [...]
Direct sales inventory management. Learn how to track your inventory, how to handle personal use inventory and how to handle giveaways and incentives.
What would you say if I told you there is a way for you to earn more money with your direct sales business and you do not have to sell any more products or recruit any more team members to do it?
Well instead of showing you how to earn more, I am going to show you how to keep more of your money and pay less tax on it with these easy to track direct sales tax deductions.
One of the amazing benefits of being a direct sales consultant is the ability to deduct part of your home and home utilities from your taxes!
The home office deduction (or work from home tax deduction as some call it) as well as the mileage deduction will typically be your top tax deductions unless you hold inventory. So don’t forget this and you will pay less in taxes.