IBOAI Continues Best Practices Series

Next up in our IBO Best Practices series is "Your Business Isn't a Tax Shelter." Read the IBO Best Practices series on our main website and tell us what the Best Practices mean to your business.

Comments

[rdknyvr]

Excellent point, and very clearly explained. And as for the 20 reasons, you left out a few, it seems... like achieving personal goals, although #7 kind of says that in a different way. (LOL) :)

Overall, the "20 reasons" list you linked to on the IBOAI site is well balanced and worded effectively.

As an aside, can you run these perhaps every TWO weeks instead of once a month? Kind of lose momentum with that much space between posts.

And one other "best practice" that probably isn't on the "list of 13," but should be -- related to the "Guidelines for Personalized Health June 2006" along with guidelines to claims that can be made when selling Nutrilite and wellness products.

With appreciation,

[Great feedback, rdknyvr, thanks!

We list the "most common" reasons but I'm sure there are many reasons for becoming an IBO we didn't mention. Which ones come to your mind?

As far as the frequency of publication, not everyone stays up with the website as often as you do, so we publish monthly to give people who visit less often an even chance of finding the current Best Practice on the home page. A lot of readers would miss one if we move on to the next one too quickly. However, I understand your sense of urgency. Moderator2.]

[rdknyvr]

KEEPING GOOD RECORDS
One more comment if I may... the corollary to my busines not being a tax shelter is that I should, on the other hand, consistently keep good business records to support valid deductions as outlined in "IBO Bookkeeping 101."

[j4.1776]

treat your view of book-keeping as if you were going to be scrutinized by the irs at any minute!

though the law ideal is innocent until proven guilty, with the irs, it is accused, now prove why it counts.

you may not have been autdited thus far, but the day will come when they pull your number.

be honest
keep track of expenses
keep your records (and store them)
follow the rules
check with an CPA if needed.

i like the fact that this comes up so there are no excuses for those who, .... well, blame other things/people for thier failure. yet the truth is right in front of them.

btw, dont "pass the buck", thinking that youre going to save on taxes. pay your taxes...not one cent more, or one cent less then you owe, by keeping acurate records.

;)

[TWS]

Great post! Its obviously very important to be above board when handling your taxes and proper deductions. And I'm glad that this topic is included in the best practices. Its certainly important to communicate the proper way to talk about business deductions. But I find its equally important to make people aware these deductions exist. Its amazing how many people aren't fully aware of what they're missing out on by not owning a business.