May 2nd, 2011 → 1:27 pm @ Glen Polcyn
The following are three emails I received from Cathy Wendte; a very successful network marketer:
I just now skimmed your ebook (will read it with a fine tooth comb soon).
In just skimming it, I can see the value of it! Not only for existing home business
owners but for prospects as well.
I especially loved the section where you offer the questions to ask
a potential tax preparer. After all, as we know, knowledge alone is
not power, but APPLIED knowledge is where the real power is. So
while knowing all of this ourselves is certainly helpful, where the rubber really
meets the road, (where the real savings will be realized), is making sure our tax preparer
is on the same page. Your questions are spot on to be sure we are working
with the right accountant.
Can’t wait to really sit down and read it all.
Thank you for creating this wonderful guide.
After Reading How To Deduct Almost Everything, Cathy sent to me the following….
Thanks so much for writing such an easy to understand yet powerful
book on the subject of taxes and how it relates to our awesome industry.
Honestly, I think your book is the most powerful recruiting tool I’ve seen!
And then Cathy sent out the following to her Team…..
Just wanted to give you a quick tip on one of the best, if not the best, prospecting tools I’ve seen….and it has nothing to do with our company…but it will help you enroll. Confused…read on.
There is a CFP (Certified Financial Planner) in the Top Club named Glen Polcyn. He recently wrote a book on all of the advantages of having a home based business. You must read his short book. It’s a 20 minute read or less if you read fast. But…don’t let the brief read fool ya.
The way he explains the tax advantages, not only will you enroll more members, but he explains in his short book, why they would be foolish to ever drop their auto ship…even if they don’t succeed in building a business. If you understand the power of what he says in his book, you can enroll more people and keep more of your team on autoship, even in tough times…..no…especially in tough times!
It can even turn a satisfied customer into a working distributor if they read it and ”get it.” It will also assist you in making sure you are getting all of the deductions you are entitled to as a business owner working from your home. Personally, I don’t usually understand a lot of complicated ”tax talk” but Glen makes it super simple to understand!
Thank you Cathy for your wonderful comments! Glen E. Polcyn, CFP
April 11th, 2011 → 10:02 am @ Glen Polcyn
Did you know that you can deduct the majority of your sports hobby expenses such as cycling, golf, bowling, etc. as legitimate deductible businesses expenses?
Here’s how. Whatever your hobby is, as long as your are conducting it with the intent of promoting your network marketing business, your expenses are deductible!
Using Golf as an example, let’s say that you spend the following:
Golf shirt embroidered your Company’s emblem (advertising) $75
Company logo embroidered athletic socks (advertising) $20
Golf shoes adorned with Company or Product logo (advertising) $200
Golf Clubs wrapped with Company or Product logos (advertising) $800
Golf bag with Company or Product logo emblazoned on the side (advertising) $200
Product samples on the course (promotion) $100
Green fees to prospect and promote your Company’s products $100
Add it all up <$1495.00> in business expense deductions x 30% average combined federal and state tax brackets = $448.50 in tax savings. This is a direct reduction or actual savings in your golf expenses!
Now if your golf country club membership is $5000 per year, that would be another $1500 saved in taxes. ($5000 x 30%). How would you like to receive a 30% discount on your annual country club membership fees? (:o)
Note: Be careful not to get tripped up on the 50% allowable entertainment expense deduction. If you are purchasing green fees, food or beverages, etc. for a prospect, the IRS classifies this as an entertainment expense and you are only allowed to deduct 50% of your prospects expenses. And you must discuss your Companies product or opportunity, before, during or after your outing.
For an explanation of how this works see pages 9-11 in my book, “How To Deduct Almost Everything! …And Have Uncle Sam Pay You!”
Network marketing is really the perfect home based business, especially from a tax standpoint. (See pages 6 -7.) It is your independent contractor status that makes all of these business expense deductions possible. You receive your income via a 1099 vs an employee who receives a W-2. (See page 42 for an explanation.)
As always, be sure that you review this tax savings strategy with your competent tax preparer.
How do I know if my tax preparer knows this? Pages 37 – 40 will answer this!
And remember, as long as your are conducting your business in a businesslike manner, Uncle Sam will pay you to build your business! How?
Through the tax savings!
Glen E. Polcyn, CFP
January 4th, 2011 → 9:14 pm @ Glen Polcyn
The following is Glen’s talk from the LIVE Conference Call
From the book I am going to cover FIVE quick tax savings tips for 2013:
#1 Join Your Company!
The moment you join your company, as a Member, you have your own home based network marketing business. I consider a network marketing business specifically one of the BEST ways to reducing your taxes.
#2 Get on Auto Delivery and stay on Auto Delivery!
Your monthly Auto Delivery is the qualifier. You need to be on Auto Delivery to show your company that you are Active and thus in business and to get paid by your company. But you also need to show the IRS that you are in business. Auto Delivery is one of the proofs that you are in business which enables you to receive these business deductions. Therefore the safest way for you to get all of these deductions I am talking about is to stay on Auto Delivery
#3 Register for Convention and save appx 30%!
People were lined up around the block on Black Friday at discount stores just to save 30%. Since the Convention is a business expense, the cost of convention becomes a business education expense which becomes a deduction against your income. Most people are in a 30% combined federal and state tax bracket. So when you reduce your income with business deductions, you save appx 30% on those expense through taxes saved. Therefore you also save 30% on the cost of your hotel, airfare, etc. A tax deductible trip to Las Vegas is pretty good!
#4 Get your product and tools for FREE!
On page 10 of the book, I provide a Tax Savings Example where I show how you can easily save $6000 per year in taxes by redirecting dollars you are already spending personally as legitimate business expenses. So how does this get you your product for FREE? Well if you’re Saving $6000 per year in taxes, this is no different than getting a $500 per month raise from your boss starting tomorrow. Therefore $500 will more than cover your monthly auto delivery requirement and any promotional tools!
#5 On page 27 I talk about Wealth Creation.
With your business, you are building an asset that you don’t get taxed on. You are only taxed on the income you receive from your business. Put another way. If you have a cow producing a gallon of milk per day, you would get taxed on the milk but not on the cow. And that is why they call this business A Cash Cow!
January 1st, 2011 → 12:39 am @ Glen Polcyn
Here is a tax deductible gift idea that you may wish to share with your Team.
Order the E-book “How To Deduct Almost Everything….And Have Uncle Sam Pay You!” for only a tax deductible $9.95 including S&H at www.howtodeductalmosteverything.com making the net after tax savings cost for most approximately $6.95! With just following any of the many tax savings strategies in this book you can easily save 100 times or more the cost of this book!
Now for a gift, after you purchase the book you will receive an email with the link to download the E-book, but DON’T you Download it! Just forward the email with the link with a message from you that, “This is a gift of the E-book “How To Deduct Almost Everything….And Have Uncle Sam Pay You!” and all you have to do is click on the link and follow the instructions. Happy tax savings!” Your friends, business associates, and/or loved ones will thank you thousands of times over for the thousands of dollars they will save in taxes still this year and every year! (FYI, I suggest that you print out the E-book.)
This book is very easy to understand complete with easy to understand examples. It contains proven tax savings techniques based on 25 years of tax planning for the network marketing industry. It easily explains what you can deduct, why you can deduct it and easily shows you how much you will save in taxes. It does not get into all of the complicated detail of completing forms, schedules and your return; that is for your tax preparer. (FYI, our CPA, who does tax preparation as a profession, completes our return!) “How To Deduct Almost Everything” is a quick reading book for you to be able to show your preparer what you easily can do with your network marketing business to save for you a bundle in taxes.
You must act quickly as the end of the year always comes upon us faster each year!
Thank you and enjoy,