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 (formerly
Quixtar).
It didn’t include creating a tax shelter – in fact, Rule
8.3.9 of the 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 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
Amway Global Accreditation is applying Best Practices.
In this series, the
IBOAI
explores the Amway Global Best Practices and how to apply
them to your IBO business
Find more IBO Best Practices at our
IBO Best Practices archive page.
