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Week 1 Newsletter – doTERRA Business Taxation

First we’d like to welcome our new members Yvonne, Kathy and Abbey.  Welcome to Team Lemongrass!

Today we are going to talk about taxation and how you can use it to your benefit as an independent product consultant.  After becoming a doTERRA consultant, the first thing you’re going to want to do is look into your local tax laws and to start keeping records of all expenses towards your doTERRA small business venture.  Katie and I will be saving hundreds this year from common expenses that few people use to their advantage.

Based on our local tax laws, Katie and I are able to write off:

  • A percentage of our cell phone bills
  • A percentage of our Internet and land line bill
  • All doTERRA product purchases and fees
  • Some travel expanses with our car
  • Any office supply expenses
  • Any new computers, tablets or printers
  • Office space expenses such as heating, cooling, power, water, property taxes, insurance, etc
  • Any marketing expenses
  • Food and beverages for presentations
  • Office furniture

As you can see, we are able to write off quite a bit and as our business grows, so will our tax deductions. It’s very important to keep track of all your expenses in case of an audit .  What Katie and I like to do is keep a book that dates and explains all of our expenses that way we don’t forget anything and we have an organised expense book if we happen to get audited.

If you have joined doTERRA during the later part of the year, you’ll most likely have more expenses than revenue and that shouldn’t be a problem.

If you have any questions about our taxes, please don’t hesitate to contact us.  We would love to share our tax experiences with any of our members.

 

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