The following is Glen’s talk from the LIVE Conference Call
From the book I am going to cover FIVE quick tax savings tips for 2013:
#1 Join Your Company!
The moment you join your company, as a Member, you have your own home based network marketing business. I consider a network marketing business specifically one of the BEST ways to reducing your taxes.
#2 Get on Auto Delivery and stay on Auto Delivery!
Your monthly Auto Delivery is the qualifier. You need to be on Auto Delivery to show your company that you are Active and thus in business and to get paid by your company. But you also need to show the IRS that you are in business. Auto Delivery is one of the proofs that you are in business which enables you to receive these business deductions. Therefore the safest way for you to get all of these deductions I am talking about is to stay on Auto Delivery
#3 Register for Convention and save appx 30%!
People were lined up around the block on Black Friday at discount stores just to save 30%. Since the Convention is a business expense, the cost of convention becomes a business education expense which becomes a deduction against your income. Most people are in a 30% combined federal and state tax bracket. So when you reduce your income with business deductions, you save appx 30% on those expense through taxes saved. Therefore you also save 30% on the cost of your hotel, airfare, etc. A tax deductible trip to Las Vegas is pretty good!
#4 Get your product and tools for FREE!
On page 10 of the book, I provide a Tax Savings Example where I show how you can easily save $6000 per year in taxes by redirecting dollars you are already spending personally as legitimate business expenses. So how does this get you your product for FREE? Well if you’re Saving $6000 per year in taxes, this is no different than getting a $500 per month raise from your boss starting tomorrow. Therefore $500 will more than cover your monthly auto delivery requirement and any promotional tools!
#5 On page 27 I talk about Wealth Creation.
With your business, you are building an asset that you don’t get taxed on. You are only taxed on the income you receive from your business. Put another way. If you have a cow producing a gallon of milk per day, you would get taxed on the milk but not on the cow. And that is why they call this business A Cash Cow!