Tax Benefits
Owing a business gives you hundreds of Tax Breaks you can’t get with a job. This fact makes Tax Breaks one of Shaklee’s most powerful benefits. I personally don’t invest a lot of time in coaching people on how to grow a Shaklee business unless they first—understand the value of the tax advantages that are available to them—and secondly—are willing to put together a Tax File.
Here’s why…
Even if they don’t build a huge Shaklee business, the tax advantages alone are well worth getting started and staying in the business. The average person will be able to write off $3,000 to $6,000 a year on their income tax and that’s valuable.
If you don’t make a lot of money in your current job or business, you need tax breaks. If you make a lot of money in your job or business, you REALLY need a tax break.
As you know, entrepreneurs and small businesses are the backbone of the American free-enterprise system. We need small business success in this country now, more than ever before. It’s the entrepreneur that can get our country back on track.
That’s why our tax code is designed to give you, the small business owner… tax breaks you can’t get with a job.
Small business tax deductions are perfectly legal and ethical. The only requirement is that you have the intention to make a profit. That’s it.
So from the minute you enroll with Shaklee, you’re in business, and most everything you spend money on for the purposes of growing your business is a tax write off. You immediately begin to qualify to deduct from your taxes, things you already spend money for and get no deduction. All you have to do is document your expenses. Keep good receipts and records and you will never have a problem with the IRS.
Here’s all you need to do to get started…
Create a simple filing system. A three-ring binder will work if you don’t have a file drawer. Set up a file for every month of the year—and save every receipt that has anything to do with business.
Any Shaklee distributor who keeps receipts and takes advantage of the many tax breaks available to them will stay in the business much longer than one who doesn’t!
A Simple Tax Filing System
Attached is a folder containing the Tax Forms created by Kaaren Ann Mashura. Please feel free to use these forms and pass them on to your Business Group.
Kaaran uses a 3-ring Binder so that she can have everything accessable without turning on the computer.
Inside the Binder, make tabs for the following:
MDO LOG: Tracks Member Direct Orders for all customers and separate tabs for each Business Builder’s MDO LOGS.
INCOME LOG: Tracks monthly Sales before taxes and shipping—and your Shaklee Bonus Checks.
ADVERTISING LOG: Tracks your Advertising, Vendor Fairs, Website, etc.
INVENTORY LOG: Tracks your monthly purchases from Shaklee.
BUSINESS EXPENSES LOG: Tracks your monthly expenses.
INCENTIVES, DONATIONS & GIFTS LOG: Tracks your product giveaways.
BUSINESS BUILDER BONUS CHECK LOG: If you pay bonus checks to your downlines.
RECAP LOG: In January, when you have added up all the prior years Totals for Advertising, Income, Inventory, Bus. Expenses, Donations & Incentives & Business Builder Bonus Check Log, you put these totals on the RECAP LOG.
Attached to the RECAP LOG are 1099′s that you receive from Shaklee (or your Sales Leader if you are a Bus. Builder), and for Sales Leaders—all the 1099′s copies that you or your Accountant have sent to Business Builders in your group that you have paid $600.00 or more to.
This RECAP LOG with attachments is then given to your ACCOUNTANT.
Your File cabinet should contain a hanging file folder system…
January to December. Keep all your Business Receipts — gas, bus. checks, supplies, etc.
Monthly Customer Receipts folder — for customers buying from your inventory.
Monthly Inventory Receipts folder — The receipts that Shaklee sends you when you purchase products, catalogs, etc. for your Home Office Inventory.
There are 2 extra forms included…
CUSTOMER INFORMATION FORM: (printed 4 on a sheet) – that I use at Vendor Fairs and at Healthy Home’s.
BONUS RECAP Form that I use when sending out Bonus checks to my Bus. Builders — printed 2 on a sheet – one for the Bus. Builder and one for my files.
Kaaren Ann Mashura
Tax Form Downloads
