Wednesday, October 13, 2010
Our upline told us that everything to do with “the business” is tax deductible.
Our upline even said our dog food is tax deductible because our dog guards the house where we have Amway meetings.
We were told that all Amway products we buy are tax deductible. I seriously doubted that and so did our accountant whose services we use for our legitimate business. The upline made it sound like anything and everything about Amway products and tools is tax deductible and we’ll get our money back in the form of tax refunds and therefore its all free.
For some people this makes it easier to keep shelling out money if they’re given the hope that it will all be returned at the end of the year in the way of a tax refund. To hear upline tell it, this business, if nothing else, is a great tax shelter.
Uncle Sam might disagree.
This is a good example of why its not a good idea to take everything the upline says as gospel truth especially in areas that aren’t of their expertise. A person working a J.O.B. as an unskilled laborer or slinging burgers at McDonald’s while walking the Amway path to financial freedom is probably not the best expert on what is and what is not a legitimate tax deduction especially if they've never hired the services of an accountant.
Fortunately Ambot took the counsel of our knowledgeable, experienced accountant instead of his upline when it came to acceptable tax deductions.
As our accountant tells it to us - save all receipts except for the grocery bills and she can write them off. That would disqualify anything edible/consumable that Amway sells as a tax write off.
That was contradictory advice from our upline. They told us to buy Amway drinks and food bars and vitamins because they have high PV/BV.
The same items our accountant tells us that we can not claim on our tax return because they fall under the grocery category.
Use your own judgement on this one. Fortunately Ambot did. Our upline were a bunch of scammers and liars as they shoved the Amway business opportunity down everyone's throats. I disregarded everything they said anyway and am sure glad I didn't listen to them try to scam us about legitimate tax deductions.