Direct Sidekick

It's tax time, and your team and other direct sellers are scrambling to get ready. 𝗬𝗼𝘂 𝗰𝗮𝗻 𝘀𝗵𝗮𝗿𝗲 𝗗𝗶𝗿𝗲𝗰𝘁 𝗦𝗶𝗱𝗲𝗸𝗶𝗰𝗸 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲𝗺 𝗮𝗻𝗱 𝗴𝗶𝘃𝗲 𝘁𝗵𝗲𝗺 $𝟭𝟬 𝗼𝗳𝗳 𝘁𝗵𝗲𝗶𝗿 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻, 𝗮𝗻𝗱 𝘆𝗼𝘂 𝗿𝗲𝗰𝗲𝗶𝘃𝗲 $𝟭𝟬 𝗶𝗻 𝗰𝗮𝘀𝗵 and make their life easier!

If you're a Direct Sidekick customer, click on Refer & Earn in the left menu to get your personalized shareable link.

Not a customer yet (why not 😉), sign up link in the comments

Follow our 3-step process to be tax-ready all the time!

1) Verify your transactions and categories once per month. Transactions are automatically imported and categorized, but it's best to review.

2) When you purchase on-hand inventory, enter that right after you place the order with your company.

3) When you sell from inventory, enter an Invoice right then. Adjustments ... right then.

Unfortunately, sometimes things happen at vendor events where we do an inventory count after the event and find items missing.

A question we receive a lot is can I deduct non-sellable, stolen, or damaged products?

𝗧𝗵𝗶𝘀 𝗶𝘀 𝗰𝗮𝗹𝗹𝗲𝗱 𝘀𝗵𝗿𝗶𝗻𝗸𝗮𝗴𝗲, 𝗮𝗻𝗱 𝘆𝗲𝘀, 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗱𝗲𝗱𝘂𝗰𝘁 𝘁𝗵𝗶𝘀 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀. With a shrinkage adjustment (currently, we use a $0 retail invoice), your costs for these items are added to COGS.

Tax tip Tuesday:

If you're using Direct Sidekick to finish your bookkeeping in just 15 minutes per month, this is all you need to do to wrap up your year and file your taxes.

If you haven't used Direct Sideck (why not 😜), feel free to use our 14-day free trial to get caught up and start your year strong!

MLMtaxes

One of the many great benefits of direct sales is 𝘁𝗵𝗲 𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗱𝗲𝗱𝘂𝗰𝘁 𝘆𝗼𝘂𝗿 𝗵𝗼𝗺𝗲 𝗼𝗳𝗳𝗶𝗰𝗲 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀.

🎉 You can either deduct $5 per square foot OR a percentage of your home expenses.

Check out the calculator in the comments to find out 𝗛𝗢𝗪 𝗧𝗢 𝗦𝗔𝗩𝗘 𝗧𝗛𝗘 𝗠𝗢𝗦𝗧 with your home office deduction.

We hear this question a lot, with some consultants being told they cannot.

𝗕𝘂𝘁 𝗵𝗲𝗿𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗰𝗼𝗿𝗿𝗲𝗰𝘁 𝗮𝗻𝘀𝘄𝗲𝗿 𝘃𝗲𝗿𝗶𝗳𝗶𝗲𝗱 𝗯𝘆 𝗼𝘂𝗿 𝗖𝗣𝗔: if the incentive trips include meetings, training, and other business activities, and as long as you attend these business activities, you can deduct the incentive trips as a tax deduction.

✈️𝗧𝗵𝗶𝘀 𝗼𝗻𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗰𝗼𝘂𝗹𝗱 𝘀𝗮𝘃𝗲 𝘆𝗼𝘂 $𝟱𝟬𝟬 - $𝟭𝟬𝟬𝟬.

Did you know 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗱𝗲𝗱𝘂𝗰𝘁 $𝟬.𝟳𝟬 𝗳𝗼𝗿 𝗘𝗩𝗘𝗥𝗬 𝗠𝗜𝗟𝗘 𝗬𝗢𝗨 𝗗𝗥𝗜𝗩𝗘 for your direct sales business?

𝗧𝗵𝗲 𝗺𝗶𝗹𝗲𝗮𝗴𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗺𝗶𝗴𝗵𝘁 𝗯𝗲 𝗼𝗻𝗲 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝘁𝗮𝘅 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀.

For example, if you drive 40 miles round trip for a home party, you can deduct $28.00. Now, if you host one party each week for 50 weeks in a year...

This could result in a $𝟭,𝟰𝟬𝟬 𝘁𝗮𝘅 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻!

Conference season is going full steam ahead. If you're attending conference, you have a number of tax deductions you can use.

✅Mileage to conference, or to the airport and back.
✅Airfare
✅Hotel
✅Taxi rides
✅Parking
✅Food and drink
✅Conference ticket

Quick feature updates:

We wanted to let you know that we released a highly requested feature update that adds a search box to Sales Pages.

If your customers are looking for a specific product, color, or type (face or detergent, for example), they can start typing it into the search, and your Sales Page will show them exactly what they're looking for!

We also have a much larger release coming up early in the week of the 19th. This update includes a much better setup for Sales Pages (easy-to-follow steps), new item and order discounts, and a limited look-and-feel refresh to your view of DSK!

More to come!!!

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