The IRS (Internal revenue Service) is a subject most don’t want to think 
about, but on our Webinar this past Saturday, one of our active Members, Mark Hultgren, spilled the beans about his recent Audit and offered some very important information to everyone involved in the Home Based Business Activity and Internet marketing.
It has amazed me, for the past 5 years meeting so many here on the Internet, how few people realize the importance of operating with a Business Mindset, regardless the size and scope of your Home Based and/or Internet Commerce.
One of the most attractive advantages of a “home based Business” is the liberal Tax advantages offered by the US Congress and the Canadian Government to encourage the growth of such income producing activity.
But it is critical the entrepreneur treat their endeavor as a BUSINESS to qualify for these generous deductions
So many “new” and experienced entrepreneurs seem to let the mundane task of being in Business slip by. With the explosive growth on On-line Cash Flow through affiliate marketing, eBay and other E Commerce sites, the IRS has beefed up the Audit Process for On-line Entrepreneurs.
Listen to an excerpt of Saturday’s Webinar and find out HOW TO assure yourself protection in an Audit.
Excerpt of Webinar
from
01-09-2010
This will open in Windows Media Player
If your goal in 2010 is to supplement existing Income or enter “Home Based Business” full time, grab a copy of the FREE Tax Planning report at the Top of page FREE RESOURCES Look for Featured Resource.
Be sure your Business Plan is Up to date. Don’t forget to write in the provision for Family Health Expense Reimbursement.
I would also encourage everyone to invest in the Easy to use Software to minimize your Risk ( if You USE IT ) and maximize your deductions. I am affiliated with this site and will earn a modest commission when you purchase it…
Organize your Home Based Business deductions
http://bestbusinessmindset.info
That’s Good, because you will then be an affiliate and able to share with your team members.
Quick review:
The success of your Home based Business, be it totally on-line or a Mixture, definitely hinges on your Managing it as a Business Person with a Business Mindset. Discipline yourself to some of the mundane tasks (or hire them out) and rest assured you can concentrate full energy on the Growth and expansion of your Dream Business
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Disclosure:
The opinions expressed in the Video and on this blog are my opinions. An intelligent person would seek counsel from their Tax Professional
Yes MacKenzie, we have plenty of resources. I will e mail you some information
does anyone know a website or tutorial about business management ?:”:
Hello everyone! We lost 2 years in a row in an audit several years ago because I couldn’t show adequate income to justify all our expenses and they deemed it a hobby! The IRS auditor offered to save me some time by visiting my home and saw my office and computer …. HUGE mistake! Lori’s still sore!be careful!
Well here is an update. Many of you knew I was being Audited for 2 years of filings just because I ran an internet business and claimed so many miles for deductions. When I first went into their office, I was looking at around $25,000 in back taxes, interest and penalties.
Today I had to go back in and go over my 2008 taxes and after all the receipts and record searching, got the grand total down to $9500 with everything included.
As a result, I will be holding some outrageous Tax Collection sales to get my bill paid and you can count on seeing some great products for next to nothing.
I would really appreciate any assistance from the group to promote the site once I have it all together.
I am not asking for a handout, just for you to promote the site and earn some commissions too!
A great post and timely as well. Thanks for the information. All the best.
Chuck, your always discussing subjects that internet marketers should be aware of, and make an important part of their portfolio. The IRS topic was a real eye opener for me, as I am guilty of not taking advantage of the full benefits of being a business owner that I should.
I think for 2010, instead of adding more to my own plate… God knows my plate is overflowing… I will hire an accountant
DA
Hard to believe Kathy how few Internet and MLM marketers take FULL advantage of the Qualified deductions, and many that do, do not keep accurate records. Basic business sense Dictates these mundane tasks are so Necessary.
It is easy to assimilate as you Nurture your BUSINESS MINDSET
Chuck is touching on a very important topic, especially as we end 2009 and begin 2010. Time to re-evaluate how prepared we are for an audit and time to take a look to see if we are taking advantage of all the tax breaks we can.
Thanks for the wake-up call.
Kathy Clark
http://snipurl.com/subscribe-kc