Network Marketing companies have diverse ways to communicate with their customers. QuestNet India publishes a magazine called ‘aspire’, which outlines the achievements of the company.
It further educates readers about the industry on the whole. The magazine is certainly a great form of communication. It contains enlightening articles. I came across an edition of the magazine that emphasized the various ways in which an Independent Representative can enjoy tax benefits. The write-up was written by Mr. Richard E. Zinkiewicz, who is the Director for International Operations of The QI group. The article was written in a very lucid and easy-to-understand style. Finance is not my forte’, but the write-up sustained my attention till the last word.
IRs must keep in mind that tax rules vary in different countries. The general convention about direct selling is that Independent Representatives are working in their individual capacity. They are not considered as employees or agents. It is advisable that they should comprehend the manner in which their income can be filed for tax returns. A key point is that an IR should project his work as a proper business. In such a case, he will not incur any unnecessary expense. A key point is that these benefits help them in saving a part of their income. It also matters if the business is shown as a hobby. Some places consider the income generated from hobby as non taxable. If the income is considered as taxable, it would help an IR to understand “what kind of expenses may be claimed as deductibles against taxable income.”It will be a relief for all IRs as they can enjoy the benefits of particular rebates. I am glad that QuestNet India’s magazine carried such an article. It is very helpful and creates awareness!
A valuable piece of advice in such a scenario is that Independent Representatives must document all their expenses. Direct, indirect and incidental expenses must be recorded. These will be an aid in justification of certain benefits from tax authorities. IRs must keep in mind that they should conduct their business with all the rules and norms in check. I am sure this write-up in the magazine of QuestNet India has been an informative read.
Honestly, the thought of income tax can ignite fear in a person’s mind. This is because of the many rules and protocols. Many of us do not have comprehensive knowledge about such procedures. Write-ups like the one mentioned above clear the air of doubt. They increase our finance-related knowledge too. I enjoy reading the multilevel marketing company’s magazine because like their unique range of products, the articles cover an array of interesting subjects. The network marketing company’s initiative and efforts have strengthened their position in the industry. In a significant period of 14 years, they have left a mark in the society with their work. They have raised the benchmark of multilevel marketing to another level altogether! This is one of the ways through which they have successfully “sold a better life”.
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