With Nelly Stratton and Sam Higginson
Booking parties moves your business forward. There are times during the year w
The average W-2 employee in the US makes around $60,000 a year, pays approximately $14,000 taxes, and is left with about $49,000 to live on. But the average cost of living in the US is around $53,000.
Zyia was founded with the desire to help women attain financial freedom. Did you know that as a Zyia Rep, you can access home business resources? There are tools right now that will put money back in your pocket. This gap translates to a growing debt each year for too many people. As a Zyia Active Rep, you can bridge that gap if you know how.
What Are Write-Offs?
When you plan to meet with someone to talk about the Zyia opportunity, did you know you can write off many expenses when you do your taxes? For example, if you call a friend and schedule a lunch meeting to talk about Zyia, you may be able to write off the cell phone payment, the mileage there and back, and even part of the meal expense. Plan and document Zyia-related activities and provide this information to your accountant or tax preparer.
Is your partner involved in your small business? Add them to the business to double the amount you are allowed to write off.
If You’re a New Rep, Consider Doing This
Get a separate free checking account and deposit your Zyia checks there. You’ll have better visibility than if you deposit them into your personal account. Consider a credit card with rewards for Zyia-related activities to track expenses. Print bank and credit card statements and categorize everything at the end of every month, then send this information to your accountant at the end of the year.
Develop a relationship with your accountant and proactively ask questions. You could miss out on important deductions when you speak to them once a year. If you make over $12,200 in the US within a year, you’ll have to file taxes, but it can be beneficial to file even if you’re making less. Another option is to explore becoming an LLC or an S Corp. Check your state laws to find out which would be more advantageous. Create an EIN, and make your checking account a business account.
Financially Smart with Zyia
Be strategic with debt. It’s tempting to buy new products, but if you can’t afford them, don’t overextend. This is where parties come in—you can earn those clothes for half off, or even free! To make debt strategic, it needs to further the income going into your business. When you begin your Zyia journey, you only need a few things:
- A starter kit
- An excellent onboarding team!
“You truly are your own business, so go discover, deduct, and dream!”
(Talk to your tax and legal representative to get all the local tax and legal advice from a licensed professional. The information provided is based on actual practices from Nelly Stratton and guidance from her licensed professional. Make sure you ask a professional when these tips are appropriate or applicable for your individual business.)