Write Off Your Vacations
I’m 100% serious – you can totally write off your vacations. A new phenomenon is people joining MLMs to create a business in order to write off their extravagant vacations. It’s a little more complicated than that, but it does work.
A MLM also known as a Multi Level Marketing Company is normally referred to as a pyramid scheme. These home businesses can be very effective at generating new income, but rely heavily on the work ethic of the user. Often called the Virtual Franchise, the cost for entry into these businesses is also very small, and can be as little as $50.
Once you hit a certain level or tier in the MLM you are now able to register your business, and either obtain a sole proprietorship or a LLC. After claiming a LLC the fun can begin.
Not just a Home Business
Being able to generate funds anywhere through your Virtual Franchise is a sought after commodity. Although often overlooked, the flexibility having products that can be sold anywhere is priceless. Selling a product on a dinner outing with friends is now an write-off.
Outings need to generate income, but not all the time. Often sales attempts will not generate income, and that’s OK. The thing is that if you keep claiming your vacations as tax write-offs than without actually gaining any income from these sales presentations you’d be in some trouble.
Getting a little higher in the business model is hard. These MLMs, despite what people say, don’t sell themselves. Like any business – its hard work!
Benefits of Writing Off
I know the question “what are the benefits of writing off?” is sitting in the back of your mind. Basically what it boils down to is 1/3 of your money written-off comes back to you. Not bad getting back $1,000 on a $3000 vacation to Mexico that you would have taken anyway. Follow my blog for some easy vacation money saving tips, and you’ll get that down to $2300!
There are 3 Tricks to Making it all work out!
- Trick #1 -is to write off as much as you can while still creating income on those trips & outings.
- Trick #2 – don’t blow the money you’ve just written off on a expensive accountant.
- Trick #3 – learn the business, and make some money with it before writing off everything in sight. Last thing you want to do is get audited!