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It's worth it!!!!!!!!!!!!!!!!
#1
I'm doing my tax returns [late] and it amazes me how great this Amway opportunity is :clapping:
Although not where I want to be the earning are good and the write offs are just as good :yahoo:
Worth it? - You better believe it :good: :good: :good:
'The only way I can succeed in business is to proactively do something for 'MY BUSINESS' every day'
I look to the Future - for the Future is where I'm going to spend the rest of my Life
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#2
Great message, yeah just waiting for our tax's back from our accountant and we are expecting a great return because of this amazing opportunity.
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#3
expeditionoftruths Wrote:Great message, yeah just waiting for our tax's back from our accountant and we are expecting a great return because of this amazing opportunity.


Are you expecting a great return because of the income you made through the business or because of the expenses that you incurred during the year and a portion of those expenses are offsetting your total earned income (assume that Amway is not your full-time job)?
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#4
MIIA2 Wrote:
expeditionoftruths Wrote:Great message, yeah just waiting for our tax's back from our accountant and we are expecting a great return because of this amazing opportunity.


Are you expecting a great return because of the income you made through the business or because of the expenses that you incurred during the year and a portion of those expenses are offsetting your total earned income (assume that Amway is not your full-time job)?


One's first thought might be: "does it really matter?" - although new recruits need to remember that sooner or later the IRS expects your "business" to show a profit Big Grin
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#5
Deb Wrote:
MIIA2 Wrote:
expeditionoftruths Wrote:Great message, yeah just waiting for our tax's back from our accountant and we are expecting a great return because of this amazing opportunity.


Are you expecting a great return because of the income you made through the business or because of the expenses that you incurred during the year and a portion of those expenses are offsetting your total earned income (assume that Amway is not your full-time job)?


One's first thought might be: "does it really matter?" - although new recruits need to remember that sooner or later the IRS expects your "business" to show a profit Big Grin


Not to sidetrack RW1's positive original post...I'm really happy for your RW1 :good: ...

I do think though that this is an important issue, the idea of tax deductions being a reason to do things. What I mean is, that if you are going to do stuff and buy stuff anyway, regardless of it being related to your business, then it's great to be able to take it as a tax-deduction. But if you wouldn't do it/buy it anyway, then you really want to evaluate the value of it being a tax deduction.

Here's an example: If I am spending, say $500 a month to run my Amway business, and let's say, (for argument's sake) that I wouldn't be spending that money if I did not have an Amway business. And let's say that I'm paying 30% in taxes (state and federal) and I have this $6,000 tax deduction. That means that I have a tax "savings" of $1,800.
So I spent $6,000 and will get $1,800 back.
But I don't get $1,800 in found money. The net effect is that I spent $4,200.
So rather than saying, "Oooo aaaah look at all the money I'm getting back on my taxes!" I should be evaluating if the $4,200 was well-spent.
Does that makes sense?

(BTW, 30% is kinda high. Most peeps would be closer to 20% in the U.S. So that means a net of $4,800 spent.)
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#6
Nicely explained, Bridgett :thumbsup:
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