hi I'm miles Beckler and in this video
we're gonna talk about the tax benefits
of having your own affiliate marketing
previous video we looked at the question
do you need a business license to start
which was a no go watch that video if
you haven't seen that one yet but once
you get going down the direction of
building your online business you open
yourself up to a lot of the tax benefits
of any home-based business which can
really make a noteworthy difference even
if you're not necessarily generating
income in your business right away now I
got a start I'm not a CPA I'm not a
lawyer I'm not a tax attorney this is
not legal advice
I'm helping you understand the big
picture and ultimately you're going to
need a partner with someone a CPA who's
gonna be able to help you navigate this
world if you're not a CPA which I sure
wasn't and really getting a good tax
person on my team was absolutely leaps
and bounds one of the best things I've
done so what kind of tax benefits are
there well the way the way the business
world in the tax code works is when
you're starting a business all of your
expenses that are for that business are
tax-deductible what does that mean
it means that if you have a current job
right now with an employer you're a w-2
employee somewhere they take out taxes
every single paycheck from you they put
that money essentially goes to the
government and at the end of the year
you file with your tax person or with
TurboTax or whatever and you essentially
either get a refund or you don't but
some percentage of what you're paying
goes to the government now when you
start to build your business online all
of the expenses associated with starting
that business online are tax deductible
which means it can actually come out of
that chunk that is going away every week
from or every two weeks every month how
are you paid from your employer so
you're able to kind of regain some of
the tax that you're paying to invest in
your own personal business now I might
not be explaining this by the book I'm
trying to again give you a big picture
of how this works but let's get a little
more
civic what kind of tax benefits are
there of course there's things like
advertising right if you do running
Facebook pay-per-click advertising to
promote your new business that is a
tax-deductible expense it's an
advertising expense if you're using a
system like clickfunnels that monthly
charge is actually a tax-deductible
expense but here's where it gets a
little bit kind of more interesting I
believe let's say you need to go get a
laptop because your business is operated
online and you need a laptop to run your
business that expense can be a
tax-deductible expense as long as it's
for your business let's say you do video
marketing on your cell phone like I'm
doing right now this is on a cellphone
is what I use for all these kind of
talking head videos so this cell phone
not only does it do this
it also tracks a lot of my I track all
my ads I keep my ads going I do my
social media marketing through my phone
I also communicate with my team through
my phone so my phone is definitely a
business expense so that gets deducted
my data plan my voice plan when I call
clients are called coaching clients or
when I have to call my vendors that's
all done through my cell phone so my
monthly cell phone expensive data and
phone is also a tax-deductible expense
it gets better if you have a dedicated
home office at your house then that
expense right part of your rent is able
to be deducted now I don't get the exact
limits on this again my CPA guided me
through this process but essentially
you're able to take the square footage
of that room that is dedicated for
business use and you compare that as a
ratio to the square footage of your
house and a portion of your mortgage or
rent can be written off a portion of all
your utilities can be written off then
you get to the internet access of course
you can't build an online business if
you don't have high-speed Internet at
your house therefore your internet is
also tax deductible so this can even go
all the way to like live events if
you're going to live events if you're
going to sales training events if you're
going to attend events we're going to
learn how to build your business take
your business to the next level the
travel can be tax deductible as well as
the events
as well as a portion of the meals during
the travel and at the events as well so
really the benefit if you're in a
position right now that you have a job
and you're making really good money at
your job but you don't like how you're
making your money you have to go to an
office every day you have to commute
every day you're able to take some of
that money invested in your own
home-based business and if you're
operating at a loss in your home-based
business for the first few years there's
actually a tax benefit there and then as
your business grows and generates income
then you're getting into that magical
spot of having two incomes until you
ultimately get to the place where you're
able to replace your Jo B and your
commute with your internet business and
for you where that is what that
lifestyle number is is a big question I
actually have a video a couple of videos
on that here on the channel when is it
right to quit your job so check that out
if you're nearing that situation but
ultimately I wanted to let you know that
there are tax benefits to starting a
home-based online business being a small
business owner opens you up to many many
benefits in the United States so really
take advantage of them even if it's a
side gig you do want to you do have to
have the intent to profit and you do
want to make sure that within about
three years you actually have something
going you don't want to kind of just
claim a loss year after year after year
after year that can kind of be like a
red flag from what I've heard but again
ultimately find a tax person who
understands the bases the basics of a
home-based business even if they don't
get like an internet business that's
okay if they understand the basis of a
home-based business get with them have a
conversation they'll be willing to talk
with you they'll be happy to file your
taxes at the end of the year and
ultimately I think starting a home-based
business starting an internet business
on the side is literally the greatest
thing you can do for your financial and
time freedom so I highly recommend if
you haven't started already start and
you have started be very very clear on
all of your deductions and all of your
business expenses because they are tax
deductible and you might as well take
advantage of that since you're going
down this path all right
again I'm Myles bechler I am NOT an
attorney I am NOT a CPA I am an
entrepreneur I reckon
you work with professionals on these
kinds of technical items even though
I've given you a broad picture but
really ultimately spend your time
focused on marketing building your
audience building your email list and
offering them lovely products that they
want to purchase and you will find that
money starts to flow to you from your
online business thank you very much for
your time again I'm Miles Beckler have a
great day
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