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How long should Home Business Owners / Network Marketing Businesses Keep Tax Records? One question frequently asked by Network Marketing professionals is "How long should I keep my tax returns and tax records?" The IRS normally has 3 years to audit you and your business, starting from the date you file your return. So, that makes 3 years the absolute minimum period to keep your tax records. However, should your return contain serious...more
Top Sales Speaker Says: After Social Networking Fails, Try Selling! When I was in junior high, I had a leading role in the musical, "The Emperor's New Clothes."Today, I embarrass myself singing in the shower, but then, at least the casting director thought I could hold my own as the romantic lead.If you know the tale, you'll recall that weavers of a marvelous mystery material descended upon a remote locale and won a commission to outfit the emperor. Enamored with these self-important courtiers, the monarch paraded his new attire before an obsequious and admiring public.Only a small child stepped forth to declare that the emperor had no clothes. He was naked and he had been conned. Apart from the child, no one else would tell it as it was.At first, the boy's apparent impertinence irritated the regal, and this is where we stand today when it comes to honestly assessing the value of social networking.Like that innocent, but not quite as doe eyed, I'm here to say that social networking as a business tool is useless, and it's possibly a scam.I know, that's upsetting. It's disappointing, bad news, and if you've invested countless hours online making "contacts," you'll swear I'm...more
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Internet marketing gurus - what they can do for you So, what do these internet marketing gurus have to do to join the ranks of internet marketing gurus. You may be surprised to know that many of these internet marketing gurus haven't really done much at all but they are still perceived to be experts in their field and people that everyone...more
What Kind of Accounting Records Does the IRS Require for Network Marketing / MLM and other Stay At Home Business Owners? Two questions frequently asked by Network Marketers are "What kind of business records do I have to keep for the IRS?", and "What's kind of record-keeping system should I use in my business?"Operating a business without paying attention to record-keeping is a recipe for disaster. You may be thinking "who cares—I hate bookkeeping and tax details, and if my business takes in enough money, it won't matter anyway… I'll just pay someone else to clean up my record-keeping later!" Not so fast, my friend! A good record-keeping system is crucial for preparing your tax returns. And if you don't prepare your tax returns with care, you'll not only pay too much in taxes, but also increase the risk of a dreaded IRS audit. If an auditor finds insufficient records or significant mistakes in your books, it can disallow deductions, plus impose hefty fines and penalties, possibly forcing you out of business and wiping out your life savings as well.The good news is that the IRS doesn't prescribe one particular system of keeping records that must be used. No two...more
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