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 Quixtar / Amway Global. It didn’t include
creating a tax shelter – in fact, Rule 8.3.9 of the Quixtar
/ Amway Global 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 Quixtar / Amway Global – 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 Quixtar
Accreditation is applying Best Practices. In this series,
IBOAI explores the Quixtar Best Practices and how to apply
them to your IBO business.
