Home Biz Books
Dear Go 4 Gold Teammate
Congress has approved a number of tax breaks as incentives for small businesses. Owning a home-based Network Marketing business is the best way for the average person to take advantage of these tax breaks. It is up to each individual business owner to make sure they comply with all of the IRS regulations and proven methods of tracking their Home Based business.
From IRS.gov on small business record keeping:
Everyone in business must keep records.
Keeping good records is very important to your business.
Good records will help you do the following:
Monitor the progress of your business Prepare your financial statements Identify source of Income Keep track of deductible expenses Prepare your tax returns Support items reported on tax returnsMonitor the progress of your business:
You need good records to monitor the progress of your business. Records can show whether your business is improving, or what changes you need to make to help it improve. Good records can increase the likelihood of business success.
Prepare your financial statements:
You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you manage your business.
-An income statement shows the income and expenses of the business for a given period of time.
-A balance sheet shows the assets, liabilities, and your equity in the business on a given date.
Identify source of income:
Your records can identify the source of your Income. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.
Keep track of deductible expenses:
You may forget expenses when you prepare your tax return, unless you record them when they occur.
Prepare your tax return:
You need good records to prepare your tax returns. These records must support the income, expenses, and credits you report. Generally, these are the same records you use to monitor your business and prepare your financial statement.
Support items reported on tax returns:
You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination.
Home Biz Books is a multi-function, cloud based application:
Home Biz Books has been designed around the Strategic Commitments (The tasks that need to be completed to be successful in the Home Based Business arena). After many years of trial and error, we have discovered these commitments are the critical component for the success of a newly established Direct Selling Home Business owner. We have also added features to the program that have been developed by the Home Biz Books Team that are not seen in any program currently in the market place today.
Our activities calendar is the most comprehensive automated tracking tool ever developed for the Direct Selling industry. As the user enters information into the system the activities calendar automatically tracks the necessary Strategic Commitments for the home based business owner to be successful in this industry. We have also developed a function to cross reference your accountability partner and the personal users that your working with to promote motivation and success.
Click Here to get One Month of Home Biz Books for FREE!
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Joe Silich
Email: earn7kweekly@gmail.com
Phone: 855-392-6657
