IBO Best Practices

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Your Business Isn’t a Tax Shelter

As an IBO Best Practice, we can promote becoming an IBO for lots of reasons.

Do you remember what attracted you into the business? Earning some money? Owning your own business? Meeting new people? A few years ago we published an article giving the 20 most common reasons people start a business powered by Amway Global / Quixtar. It didn’t include creating

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a tax shelter – in fact, Rule 8.3.9 of the Amway Global / Quixtar Rules of Conduct says that an IBO “Must not promote the enjoyment of tax benefits as the best or principal reason for becoming an IBO.”

You hear about it now and again, someone telling others about the great tax benefits of owning a business. And it isn’t just IBOs with Amway Global / Quixtar – lots of other business opportunities wrongly promote it, too. Small business owners and entrepreneurs of all kinds do it. The IRS has strict rules regarding proper deductions for small businesses. For guidance on your rightful tax deductions, read our IBO Bookkeeping 101 section and Tax Tips for IBOs column, both by Joe DePetris, Jr., CPA, tax consultant to the IBOAI Board.

Meanwhile, an IBO Best Practice is to promote becoming an IBO for those 20 other most common reasons.

Note: One of the criteria for achieving Amway Global / Quixtar Accreditation is applying Best Practices. In this series, IBOAI explores the Amway Global / Quixtar Best Practices and how to apply them to your IBO business.

See more of the IBOAI’s IBO Best Practices