This is also the time of year when some direct sales consultants from almost every company are scrambling or panicking because they don’t know what to do. Consultant forums are teeming with threads asking for help with their taxes. Below are some tips to help you survive taking care of filing your income tax as an independent business owner.
TIP #1: Outsource it
Not likely the info you were hoping for, is it? I figure if you already file your own taxes and are familiar with how to handle business filings, you likely would not be reading this article. My advice is that if you don’t know what you’re doing, hire a professional. That’s what I do. Then my time can be better allocated to doing what I do best. Also tax rules change every year so a professional is best to maximize your return and save you oodles of time trying to learn all the changes yourself.
TIP #2: Don’t take advice from your peers
Having survived an IRS audit, it really concerns me when I see independent consultants ask other consultants for tax advice on company forums. Maybe they should ask for legal and medical advice while they’re at it. Just because someone can sell wax, recruit or coach hosts does not make one qualified to give tax advice. Continue reading
When I worked for the Federal Government we had a saying, “In God we trust. All others bring data.” Other parts of the conversations included “Bring me the source document.” “Where does it say that?” “What does the policy say?”
The same verification standards should also apply to any business, including that of any independent sales consultant with a direct selling company.
Your sponsor and upline are there to support, encourage, mentor, coach, point in the right direction and sometimes just to listen. Your upline is not to serve as a substitute for written documentation which you have at your fingertips.
You signed a written, likely electronic, agreement and you likely have a copy of your policies and procedures and compensation available to you. You probably also have a Training Center of some sort, and a Resource library. Use them. See what it says in writing.
When you’re starting out you’re not expected to know all the policies and compensation and other procedural information. It’s not even realistic that when starting out you’ll even know where to look for some of the information. That’s where your upline comes in. Continue reading
Share Your Favorite Resource
Oh Brilliant ones: it’s Thumbs Up Thursday! which means it’s your turn to tell us about your favorite book, blog, tool, person, training or resource that has helped you with your home business.
Sometimes things don’t turn out the way we planned. Disappointments happen. Many times you do absolutely everything right and what you hoped for still doesn’t work out. Sometimes you may feel like you got a raw deal. You may feel that you were royally screwed and you are at your tipping point.
Are you a victim or a victor?
Many times the things we get upset about shouldn’t be allowed to rob us of our joy. I’m not referring about crimes committed against us; if someone attacks (or worse) you or a loved one I would think righteous indignation may be appropriate for that situation. Rather I’m referring to disappointments and frustrations that are a part of everyday life.
Your reaction to disappointment determines your happiness.
It’s certainly acceptable and expected to feel disappointed and frustrated at times. Just don’t let it go on too long and don’t let it fester into a full blown fit of anger. Anger is toxic. Emotions are unbidden, meaning they happen to us. We don’t choose them. But what we can choose is our reactions to them.
Keep it in perspective.
Sometimes it helps to say aloud whatever is bugging you. You may be surprised how non-important, in the grand scheme of things, the issue you just thought was turning your world upside down suddenly becomes not that big of a deal.
Try it. Here’s an example. Let’s say you worked hard and planned diligently to attend a particular destination. Doesn’t matter if it is a family vacation, or an internship/job you wanted or if you were trying to earn an incentive trip. The specifics don’t matter. The key points are: you wanted it; you busted your tail to get there; and for reasons beyond your own control it didn’t happen. Continue reading
Have you ever made a mistake?
What a ludicrous question, right? Of course we’ve all made mistakes and we will continue to make them. I like to call it Stupid Tax. I generally end up having to pay for my mistakes – sometimes literally in hard earned money and other times in consequences.
Point being, if you screw up, admit it, learn from it and move on. The end. Don’t beat yourself up over it; and by all means don’t quit your direct sales business. It doesn’t matter if you forgot to enter a customer’s order; or you spilled at the host’s house or you told a prospective recruit wrong information. I’m sure you didn’t do it on purpose. That’s why it’s called an accident; a mistake.
If you own up to it, take responsible and apologize, then make it right the best you can, that pretty much puts an end to the issue. It generally diffuses any potential volatility. If you are authentic and say, “I’m sorry, I dropped the ball, let me make it up to you.” what can the other person say, really? Continue reading