Direct Selling Leadership Center

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December 2005 Newsletter
DSLC Business Tips
December 6, 2005
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In this issue:
-- Year End Planning Tips

-- Gift Ideas to Support Your Business
-- Great Resource for Your Business

Do too many of your scheduled parties or sponsoring events get cancelled at the last minute? Here's the solution: Stop Party Cancellations!

Cynthia Morris,one of our instructors and our resident CPA, has written this month's article about year end business tips along with some great gift ideas to help you in your business. Enjoy Cynthia's article below and be well prepared for the new year!

Year End Planning Tips

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Time doesn’t just fly – it flashes by at Mach 2, as my 8-year old son would say! What ever happened to 2005! And what happened to all our great New Year’s resolutions to get organized and avoid last minute year-end or holiday panic? Well, don’t worry. You are in the majority when it comes to being a little behind in your plans.

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  1. Take a deep breath
  2. Promise yourself to enjoy rather than rush through the holidays and
  3. Take advantage of some last minute year-end tax strategies.

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Delaying Income:

  • Are you self-employed? Unless you think you will earn so much more next year that you will be in a higher tax bracket, you might want to consider deferring some of the current year’s income by billing customers late in the month so you most likely won’t receive payments until January.
Accelerating Expenses:
  • Do you itemize on your federal income tax return? If you do, then try to prepay January’s mortgage payment and the first installment on your property taxes. To take the additional interest deduction for your January mortgage payment, you will need to add that interest amount to the amount reported by your lender on the 1098 form you receive.
  • Do you work from home? If so, then check with your tax advisor to see if taking a home office deduction will help and purchase those big ticket items for your home office before year-end. Remember when stocking up on supplies to keep your receipts. You may even be able to prepay your cell phone bills, insurance etc.
  • Does your heart need a lift? Then go ahead and donate to your favorite charity before year-end for an additional deduction. Remember to get a receipt for contributions over $250.

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Other ideas:

  • Did you make money in stocks this year? You may want to sell some “losers” before year-end to offset your capital gains.
  • Did you lose money in stocks this year? Remember you can deduct losses up to $3,000 or save them to use against future gains.
  • Are you are thinking about buying a mutual fund? If so, wait until after the distributions are made before buying. Otherwise, you will pick up the capital gains from the distribution when you have not held it most of the year.
  • Have you thought about savings? Be sure to open a Roth IRA and, if you qualify, a conventional IRA. One final word is that everyone’s situation may vary and you should always check with your accountant or tax advisor. Do what you can from the above list before December 31st and then enjoy the rest of your holidays. Why not check off two items on your year-end to-do list - - - you could drop by with that fruitcake for your accountant and ask for a quick review of your tax planning at the same time! Or if you have a quick question, email me at cynthia@directsellingleadershipcenter.com. Good luck and happy holidays!

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. Cynthia Morris, CPA

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Gift Ideas to Support Your Business ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

How many questions do you receive this time of year from family and friends asking what is on your holiday wish list? Are you stumped for answers? If so, below are some suggestions that will help you be more prosperous, better organized and healthy for the new year!

Holiday Wish List

  1. Gift certificate for several hours with a professional organizer - to be really organized for 2006.
  2. Gift certificate for an office supply store (to get all those office accessories you've wanted)
  3. Upgraded equipment for your home office to make you more efficient.
  4. Enrollment in one of the Direct Selling Leadership Center teleclasses that would get you off to a fast start for 2006.
  5. Gift certificate to a book store so you can buy that self-improvement book you have been meaning to read.
  6. Sessions with a personal trainer to support wellness in the new year.
  7. Sessions with a massage therapist for relaxation whenever you need it.

Great Resource for Your Business
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Here's a great new resource that I was privileged to preview last month. It is a wonderful motivational tool for your business AND it makes a great gift for anyone in your downline. Best of all it is on sale for half-price this month! It is called the Success Deck and it is a tool that breaks down all the complexities of success and puts them into simple to follow daily instructions. The Success Deck consists of a 40 day program with simple daily exercises that build on each other. Use it for yourself and as a team program for the new year! Success Deck by Mental Motivation
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Would you like to contribute to the success of others? There are several ways to do that...

Take the opportunity to tell us what you think. What topics would you like us to cover in our one hour teleseminars? Please send an email to vicki@directsellingleadershipcenter.com with your suggestions. We would love to hear from you!

Think of someone you know that would benefit from this newsletter and forward it to them. We appreciate your help!

 

 

  
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