I am new to the direct sales industry and chose a new company with a meaningful concept and a product line I adore. I had intended to "dabble," but my business took off immediately and my team has grown to 80+ very quickly. I find myself facing issues and questions I can't answer frequently and I need to find a good, professional accountant and attorney who specialize in direct sales. I have both at my disposal, but neither has experience with the direct sales industry and I feel like I could have done better at tax time if I could rely on someone with experience to guide me. Since the company I represent is new and growing and I do not have an upline sponsor (I report directly to the CEO,) I feel like this is the tip of the iceberg and I better get my act together and prepare for greater success. If you are or have been in a direct sales leadership position and can suggest some local professionals who are well versed in the nuances of this amazing industry, please reply. Any and all suggestions and assistance would be greatly appreciated. Thanks!
Hi L.,
It sounds like a great product! I am in direct sales as well and wonder what your product and company is. Can you share that with me? You can email me at ____@____.com. Sorry but I don't have anything to add to the above advice, except to try to enjoy what you are doing and remember why you decided to do it in the first place! :) Thanks, S.
I would highly recommend Gerald Hoffman, of Hoffman's Accounting and Tax Service. He can be reached at ###-###-####. I have a large team of consultants and he has done my taxes and those of many others in my organization for years. He understands the network marketing industry and will guide you well.
Good luck.
Barb
L.,
If you are doing this as direct sales consultant, then you would be receiving a 1099 for tax purposes, for your income. That is what you would use at tax time. As long as you save your receipts for anything that is related to your business, you should be okay. I usually organize my receipts into a software program (you can use something as simple as Excel) to keep it really simple for the accountant. Things like keeping track of your mileage when you drive to parties and meetings, postage for mailing out catalogs/invitations, if you purchase gifts for give-a-ways at parties, purchasing stationary/cards to send to your downline, anything you purchase for supplies for your business (including products unless you then re-sell those products at a discount later), you should be able to deduct a portion of your internet bill, and a portion of your cell phone bill if you are using it partially for your business (or get a separate land line specifically for your businesss and deduct that cost in full), there are a lot of deductions you can take to off-set your income from the business. Any good accountant would know this stuff. If you are having trouble with finding a good Accountant I can refer you to one in Waterford that I've used and my father has used for years (and he has run several businesses from home both while working a FT job and now in retirement).
As for an attorney - I'm not sure as to why you would really need one, but I really don't have good recommendations there.
Good Luck!
K.
What is the product?? Sounds interesting. I am an accountant as well.
L.,
I have left a message for my upline, who has over 150 on her team in one business and 70+ on her team in another direct sales business. She uses both an accountant and an attorney. When she calls me back I will update my message to you.
I think you have all of us in direct sales very curious about your wonderful business. Please include me in answering those who are asking you about it. :o)
L.
