Growing up, my mother wasn’t a normal stay at home mom of three kids; she home-schooled all three of us while running a home business selling vitamins. Her heart was at home with the family – and while my dad went to work every morning, she rose, took her habitual jog, and returned home to grade assignments and sort through vitamin inventory. She was a renovator, a multitasker, and a phenomenal example of what it means to work hard.
For a lot of women today, the above scenario rings a familiar bell. With the explosion of work from home opportunities on the horizon, selling from home has never been so easy, nor so beneficial. For many women today, Miche Bag has become a great outlet, not to mention fun way, to generate income while staying close to the family. Yet there’s a little known secret about working from home – and it’s called a tax break! You’re probably rolling your eyes and thinking, “I get a tax break for selling purses?” But it’s true – and here’s how.
If you use your home, or a detached structure of your house (like a guesthouse, or a garage) as your main place of work, then there’s a good chance you qualify for multiple write offs. However, this main place or office must be where you meet with clients (excluding purse parties – who wants to have a party in an office?), fill out paperwork, sort inventory, schedule meetings, and where the majority of filing and organizing takes place. With this in mind, it IS okay to use your family computer in the living room as your main computer, but everything else needs to take place in this designated office. And as you probably already know, your home business, i.e. selling purses, needs to be your primary source of income for you specifically. That means that your spouse can work and generate income, but that your home business must be the only place that YOU generate income.
Although at Miche Bag we are not, nor do we claim to be tax advisors or experts, we have done quite a bit of research in this area. As a purse distributor and representative, the income generated from your business can qualify you for a number of write-offs. These write-offs include taxes from real estate, utilities, mortgage interest, rent, insurance, repairs, painting, and depreciation! As you can see, there’s a ton of write-offs involved in operating a home business. But be careful, because the income from your home business needs to annually equal more than your deductions, or you won’t be eligible to deduct anything. Also, if you plan on selling your home in the near future, these deductions can cause a little bit of excess paperwork, so be prepared for that. But all-in-all, these tax breaks are a great bonus in addition to becoming a Miche Bag representative or distributor.
You can find a list of the forms you’ll need either online or at your nearest IRS office. Once you’ve carefully and successfully completed these forms, you can begin reaping the benefits of working from home! Because seriously, who doesn’t enjoy a fun purse party with friends, dressing casual for work, and lots of tax breaks? You’d be crazy to pass up this opportunity – so get started today! Check out the Opportunities page on the Miche website for more information, and enjoy the benefits of home business opportunities by selling chic, affordable purses.