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04/28/2008
MLM Residual Income and Tax Freedom Day
My good friend and personal mentor Art Jonak gave a training on Tax Freedom Day.
He said that the analysts figured out that this year April 23 was the tax freedom day. That means that, considering all the federal income tax we pay, the income we get up to April 23, the amount, that is, goes to Uncle Sam for taxes. Everything we earn after that is ours.
This, of course, is not addressing state, property, sales, taxes, and all the other hidden taxes we pay.
Art also mentioned that those of us in network marketing have an earlier Tax Freedom Day. That's because we have more legitimate tax deductions.
So, here's to and earlier Tax Freedom Day!
Wishing you success with mlm residual income and Tax Freedom Day,
15:05 Posted in Marketing | Permalink | Comments (1) | Email this | Tags: art jonak, mlm, mlm residual income, tax freedom day, the singing network marketer.mentor
Comments
Many distributors really underestimate the tax benefits to starting a MLM business. If you truly understand this objection, you can almost eliminate the risk factor.
Case in point.
One of my distributors put me on the phone for a three way call with a prospect. He had some interest but was concerned because he was worried about what happens if he invests in the business puts all this time in and doesn't make any money.
Here's what I said...
John (his name wasn't John, just using that as an example) do you currently have a job?
JOHN: Yes I do.
John, do they currently take taxes out of your paycheck?
JOHN: Yes I do.
Ok John, worse case scenario, you invest $99 into our business opportunity, you work the business a few months, you sign nobody up and you are terrible. Now I'm no accountant, but you'll probably save a lot more than $99 in taxes because of the tax deductions you get as a business owner that you don't have right now. So worse case scenario, you save several hundreds of dollars in taxes for your $99 investment and chalk it up as a learning experience.
Best case scenario, you do very well, built a full time income part time and now can decide whether you want to continue doing the business part time or quit your job and do the business full time.
Sounds like a win win scenario to me right?
The distributor called me back later and said that he's probably going to sign up tomorrow.
Roosevelt Cooper
http://www.web204mlm.com
Posted by: Roosevelt Cooper | 04/29/2008