IRS INFORMATION RE: SMALL BUSINESSES

I am not promoting or suggesting these classes but this information is very useful to all in a small business. I hope many find this information useful.

IRS INCREASES ENFORCEMENT BUDGET BY $5.5 BILLION TO LOCATE EXTRA TAX REVENUE FROM HOME BASED BUSINESSES
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IRS believes home based, direct selling businesses could be a major source of tax revenue. Just to prove it, they've convinced Congress to increase their annual "enforcement budget" to $5.5 Billion dollars.

One major focus will be home based businesses with losses.

When CPAs are worried, we should all be listening at full attention. Rather than cause you all to just worry, our tax-law guru, Vicky Collins, CPA has put together a teleconference that will inform you all how to document your profit intention and prevent your business from being re-classified as a hobby with the new IRS Initiatives.
As you know, we at Ascend are always teaching three business rules:

(1) PROVE INTENT RULE: You must prove that you have an intent for profit in your business. You do that by keeping diligent books and records in Ascend (remember having appropriate "books" for your business is not negotiable--they're legally required, and your Inventory program is NOT books). Sadly, you can't pull the personality, busy, or "I don't like numbers" card w/ IRS.

(2) COMPANY MONEY RULE: Every single dollar, every single cent of revenue generated by your business needs to be put in your business bank account (yes, even ProPay dollars... NEVER apply those directly to an Order). No using your business bank account for personal things, and no co-mingling business and personal income or credit cards.

(3) YOU'RE NOT A DUMB BLONDE, SO DON'T ACT LIKE ONE: You're in business, legitimately. You have all the rights and responsibilities that business owners have under the law. "Profit level inventory" is a phrase, but there is no profit in unsold products. Remember, you can't even deduct the cost of the product until you SELL it. So sell your heart out. Revenue (sold inventory) is the cornerstone to a successful, profitable business.

The upcoming teleconference will dive in deep to the new IRS Initiatives, and practical steps on WHAT TO DO, especially if you showed losses in your business last year.

Class Date: Sunday August 16th @8p CST (6p PST, 7p MST, 9p EST) Even if you cannot attend the call live, sign up now as an MP3 download will be available after the call. Register for the Class: CLICK HERE

6 main types of small businesses audited by IRS
9 Key Characteristics IRS uses for business vs. hobby
3 Main IRS Examination Techniques used
4 Types of information likely to be requested
3 Key Rulings and Laws that support taxpayers
What happens to your deductions when business is reclassified as a hobby


Cost: $29 (1 hr of consultation w/ Vicky is $225, this is very generous of her)
Register for the Class: CLICK HERE
CLICK HERE TO LEARN MORE...

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GETTING STARTED STRONG WEBINARS - FREE TO ALL
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Whether you've been subscribed to Ascend for a long time, heard about it at Seminar, just want to see it in action, or the new IRS Initiatives motivate you to finally get a legit financial system up and running in your business, feel free to be our guest at one of these 4 free webinars. You must click the registration link for the class you want to take.

Mon Aug 3, 8:00p CST - Register Me For This One!
Thurs, Aug 13, 9:00a CST -Register Me For This One!
Sun, Aug 16, 7:30p CST - Register Me For This One!
Tue, Aug 25, 6:30 PM CST - Register Me For This One!

All class times are listed in central standard time.