Does the thought of gathering the expenses of your network marketing business expenses to file your tax return give you a headache or stress you out? Is it one of those things you procrastinate about until the very last minute? Do you spend more time dreading it that actually doing it? I’ve been in all of these situations, until I learned a few tips to stay organized throughout the year. I’m happy to share one of those tips with you today, to help you get started off right in 2018!
BUSINESS EXPENSE TIP #1: USE A SEPARATE CREDIT CARD FOR YOUR BUSINESS EXPENSES
Using a separate credit card for your business expenses makes it super-easy to isolate and easily report your business expenses.
What do I look for in a business credit card?
- Is the card issued in the name of your business?
- Is it easy to recognize the business card compared to your personal card in your wallet, so you don’t get them mixed up by accident?
- If you intend to carry a balance, is the interest rate reasonable?
- If you intend to pay the balance each month, are you able to get an early payment discount or cash back?
- Are travel perks important to you? Could the card perks replace memberships and travel costs you are currently paying out of pocket?
- If miles or reward points important to you, is it easy to both earn and redeem?
- If there is an annual fee, is it reasonable?
- Does the card issuer offer an easy-to-use website and mobile app?
- Do you receive a year-end report of all of your business expenses?
- Are you able to obtain additional cards to employees and team members, with individual spending limits and authority?
You should be able to pay most of the expenses of your network marketing or MLM business with a credit card, including MLM mobile apps and contact management apps. Regardless of the card you choose, start using a separate credit card for your business and tax season will be so much easier for 2018!