Let’s say you were able to deduct $5,000 in expenses. Now, what if you were able to deduct more things from your earnings? How would that impact how much you have to pay in taxes? Currently, the federal self-employment tax rate is 15.3% which would require you to pay $ 4,238.87. Let’s say you earn $30,000 in total income in a year. Tax deductions can have a huge impact on any direct seller’s bank account! Meaning, they can save you a lot of money. Why are direct sales tax deductions so important? So, of course, we now use Direct Sidekick to make it all quick and easy to track all of our income, expenses, and inventory. Those early days of struggling with a spreadsheet were not super fun, but it allowed us to have good records and maximize our deductions. We also knew we had to get serious about tracking everything.
Once my wife started being more and more successful, and we had to pay a pretty hefty tax bill, we knew we had to get serious about writing as much off as we possibly could.
Well, instead of showing you how to earn more, I will show you how to keep more of your money and pay less tax on it with these easy-to-track direct sales tax deductions.Ĭalculating your taxable business income correctly and not missing potential tax deductions is key to keeping as much of your income as possible.Īs I told you in our story, my wife got into direct sales for the free stuff, so taxes were not even in our minds then. What would you say if I told you there is a way to earn more money with your direct sales business, and you do not have to sell more products or recruit more team members to do it?
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