Good Sense Accounting home logo link

We do the math so you can do what counts

 

Being a successful Essential Oil Business person begins with understanding the business model and the related tax issues. We help you improve and grow your essential oil business by being your business and tax adviser. We serve clients locally in the Seattle area and through out the United States.

Here's how we help you achieve your financial goals:

  • We help you understand the business model of the Essential Oil Business.
  • We help you avoid the tax traps that increase your audit risk
  • We help you keep more of what you make
  • We guide you in reaching your goals and dreams.
empty
empty
empty
empty
empty

Essential Oil Business Tax Tips

Although essential oils have been around for millennia, they have become more popular in the United States more recently.  There are a number of essential oil companies that use direct marketing to sell and distribute their products.  This method of marketing is also known as multi-level marketing (MLM).  Although MLM got a bad name several decades ago, the industry has matured and is a legitimate form of business for those who are right for it.

Understanding the MLM model

Not all accountants understand the MLM model.  For those who desire to be in the Essential Oil Business need to understand how it works, the pros and the cons.  This model is not for everyone.  This is one of the reasons there is a supposed high failure rate.

For those who understand the model, there is the potential of solid income.  For those who do not understand the amount of work involved, the amount of time to learn and improve and the length of time to team build will give up before they build the momentum for solid and consistent income.

Experience

We have learned about the Essential Oil Business and MLM model by experiencing it.  Our second business is an Essential Oil Business and we have learned from the best.  We are the authors behind the Essential Oil Business Tax Tips Facebook page.

Unique Issues

The Essential Oil Business has some unique tax issues in addition to normal small business issues.  These include:

  1. Hobby vs. Business
  2. Deduction of monthly minimum purchases
  3. Samples
  4. Inventory
  5. Travel and Entertainment

 

 

 

 

empty
empty
empty
empty
empty
empty
empty
empty
empty
empty
empty

RELATED NEWS

Myths of the Essential Oil Business

There are a few of dangerous tax myths for the Essential Oil Business.  If you follow the myths and are audited, you will find yourself in trouble. Myth #1 – Since you are required a minimum monthly purchase in order to earn a commission,…read more

DiggLinkedInAIMStumbleUponBookmark/FavoritesShare

empty
empty
empty
empty
empty
empty
empty
empty

Create Your Vision Now, Don’t Wait

The Book of Proverbs says “Where there is no vision, people perish.”  Solomon is said to have been the wisest man every alive.  Christopher Reeve said “If you don’t have a vision, nothing happens.”  Solomon and Superman can not be wrong! Do you get…read more

DiggLinkedInAIMStumbleUponBookmark/FavoritesShare

empty
empty
empty
empty
empty
empty
empty
empty
empty
empty
empty
empty