Jane has an extensive background in the home-based business industry as well as public marketing. She is most well known for her no-nonsense approach to marketing and teaching style. MLM Advisers 440.942.8166 9am - 7pm EST www.FreeMLMsuccessReport.com
If you're running your own business out of your home which includes MLM companies, Network Marketing companies, Direct Sales companies or any type of employment where you are deemed "self" employed, then it is your duty to be current on IRS rules and codes that apply to the self employed.
The following is a brief summary of what you should know regarding the IRS and how it views the Network Marketing industry.
- Network Marketing has been recognized as an important industry by the IRS. - In 1982, the IRS specifically recognized the independent contractor status of direct sellers. - The IRS issues a number of materials addressing the issues of self-employment workers and home-based businesses. - The IRS specifically addresses the issues of network marketers in IRS Publications 911. See Tax Guide for MLM/Direct Selling
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- One in ten thousand households in America has a direct seller. - There are approximately ten million network marketers in the United States - Sales of the Network Marketing industry in the United States are in the $20 billion range. - About 65 percent of direct sellers area female and 35 percent are male. - For most, Network Marketing is a part-time activity. Approximately 80 percent of networkers work part-time, less than 30 hours a week earning less than $500 per month. - Network Marketing opens doors for everyone. About 5 percent of Network Marketers are senior citizens, and about 8 percent have physical disabilities; 13 percent are African-American; 5 percent are Hispanic, and 1 percent are Asian.
The top five reasons that people join network marketing companies:
- I like and believe in the product (90 percent)
- I like being my own boss (73 percent)
- I like working at home (64 percent)
- The harder I work, the more I make (54 percent)
- I enjoy selling (49 percent).
In summary, be certain to hire a tax preparer or accountant that is well versed in the updated rules and codes of the IRS that are related to Direct Selling which includes most MLM and Network Marketing Companies.
If you are serious about growing your home based business, check out some more great free information at www.FreeMLMsuccessReport.com
Jane
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