Tax Benefits
Taxes is the biggest expenses we experience in life next to possibly a mortgage. The Ideal Goodness approach turns each club member into a humanitarian home-based business owner allowing them to take advantage of hundreds of additional tax deductions. A W2 wage earner has access to 27 tax deductions and most people only take advantage of a handful of those. A home-based business owner has access to over 150 tax deductions. Bottom line, more tax deductions equals more money in your pocket.
A W2 wage earner can make a simple change on their W4 form at work and instantly receive hundreds of dollars in their pocket on their very next paycheck. Essentially you can receive up to $3 for every $1 contributed. This strategy is like having Uncle Sam make the donation for you because it's money that was just going to taxes anyway.
Here are a few common U.S. deductible, business-related expenses*
- Product costs and marketing expenses
- The pro-rated cost of rent and utilities of a dedicated room / office
- Computer and peripherals
- Internet
- Mobile phone
- Business related software, training, and resource material
- Office furniture, equipment and supplies
- Automotive expenses (easiest method is to use IRS approved $.50 per mile. IRS requires a daily log)
- Restaurant meals are 50% tax deductible
- Travel, conventions, training or promotional activities
- Web site construction and maintenance and other marketing costs
- Publications, periodicals, magazines
- Association dues or membership fees
- Wages of employed spouse and children (quarterly payroll tax returns must be files)
*All expenses must be business-related. If an expense is part personal and part business-related, you must document your calculation in the event of an IRS audit. For instance, to deduct office expense you can divide the square footage of the office into the total square footage of the home/apartment).
