multiple income streams

Every single person would love to make a little extra money, but often that extra income requires extra work. Are you frustrated with the amount of money you’re bringing in? Have you ever thought about creating multiple income streams, but just don’t know where to start? You may need to think outside your normal scope…

business vs hobby

There is no better way to enjoy tax benefits than starting up a small or home-based business. This is why Chapter I of my book, Lower Your Taxes—Big Time is entitled, “Why you would be brain dead not to have a home-based business.” The reason is that the government gives you great deductions that employees don’t normally…

gift giving

That gift-giving season is here again. Giving gifts is one of the best parts of the holiday season.  But, it can also be expensive. Whether you’re buying for friends and family or for business associates, there is a good chance you may be able to deduct some gifts as a legitimate business expense. There are…

Credit card fraud in network marketing

If 100% of your business sales is dependent upon online transactions—and it is if you’re a network marketer doing business globally — then making online payments in a secure environment and credit card fraud protection should be a top priority. Let’s face it; we hardly ever use cash anymore. E-commerce is growing and the online…

Contributor: Sandy Botkin, CPA, Esq Today’s baby boomers are now finding that they need to take care of parents or at least support them. Hey, while we were growing up, they took care of us; thus, why not take care of them? There are two questions involved here: 1. Can we claim our parents as…

Money mindset kiyosaki

Contributor: Joe Garcia One of the challenges in network marketing is many distributors have the wrong mindset when it comes to money. They seem stuck in thinking small. Have you got the mindset for making money? If you do, you’ll flourish in your business and more likely earn millions. If you don’t, you’ll continue to…

  Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition of interest to the principal is called compounding.  Sounds pretty nice, right? Here’s an example: in a bank account that has its interest compounded every year, an account with $1,000…

Networking Times Tax Audit Tips

You submitted your tax return and now you get a call from the IRS or Canada Revenue Agency to come in for a chat. What should you do? Here are 8 steps that you should know in preparing for the audit: 1. Always assume that you will be audited when you initially prepare your tax…

Sandy Botkin CPA

Contributor: Sandy Botkin, CPA, Tax Attorney   Getting audited isn’t fun! So, here are some steps that can significantly reduce your risk of getting audited by both the IRS and the Canada Revenue Agency:  1. File electronically or mail your return using registered mail or Federal Express (Fedex): If the regional service center fails to receive your…