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BUSINESS BASICS

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FOR TRAINING PURPOSES ONLY. ©2005 YOURTRAVELBIZ.COM ALL RIGHTS RESERVED

This section of our training program relates to the nuts and bolts of your YTB business.We’ll discuss being in business, tax rules for business and how to accurately document tax information.We’ll give you some of the tools to run your YTB business ethically and successfully!

INSIDE THE TRAVELBIZ TOOLBOX

Running your business can be financially rewarding if you follow the systems and use carefuldocumentation. These tools will assist you in keeping your YTB business in tiptop shape!• A diary, organizer, calendar or PDA• Your automobile mileage and usage log• YTB Property Inspection form• Accordion file or envelope file system for business receipts• Home business accounting systems• Your personally chosen Certified Public Accountant (CPA)• Tax strategy book “Lower Your Taxes — Big Time!” or “How to Pay Zero Taxes”• IRS Publications

This discussion is merely an overview of business and tax information. It is to be used for generaleducational purposes only and not meant to take the place of a competent tax advisor who has abroader knowledge of your personal financial situation. YTB recommends that you find a competent tax advisor to see how the information provided below applies to you.

A “BUSINESS” DEFINED

Is it a business or a hobby? A business is a profit seeking activity. The IRS looks for a simple,straightforward measure of whether or not your business is actually a business. They look to see if thebehavior of your business is such that it supports “pursuit of profit” as its goal. Even if you spend morethan you make while building your YTB business — you MUST be able to show activity that supports thefact that you are attempting to make a profit. Some of the areas where the IRS would find evidence ofprofit-based activities are:• Order business cards.• Create a plan for your business and then work the plan.• Open a separate business bank account.• Spend regular and frequent time on the business and document it in your diary.• Gather names and contact information such as email addresses, phone numbers & addresses

and then make regular and frequent contacts.• Place advertisements.• Print and distribute flyers.• Continue your training and education.• Seek and use advice from your CPA, business professionals and your upline.

If the IRS looks at your activities and determines that you are not engaged in it for a profit, they maydisallow all the tax deductions that exceed your business income. Make sure that your activities supportthe fact that you are in business for a profit!

11.1YTB TRAVELBIZ TOOLBOXA STEP BY STEP GUIDE TO MAXIMIZING YOUR YTB BUSINESSES

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TAX DEDUCTIONS

What is a Tax Deduction?A tax deduction is an expense that is directly related to the running and building of your business. When you file your taxes, these items will be totaled up, and the total amount will be deducted fromyour business income. If expenses exceed income, the excess expenses are deducted from the amount of other income on which you pay income taxes.

Example: Let’s look at the difference a home-based business (HBB) makes for a Single person with No deductions and a taxable income of $40,000. (Note: Uncle Sam gives married couples and familieseven more deductions than a single person.)

Without a HBB With a HBBTaxable Income $40,000 $40,000HBB Tax Deductions $0 $10,000Revised Taxable Income $40,000 $30,000Tax $6,810 $4,310TAX SAVINGS $0 $2,500

In this example, that’s a $2,500 tax savings that can be spent for your lifestyle, invested in your businessor invested in the future for you and your family only WHEN you actively pursue a profit and properlydocument your activity through your home-based business.

The IRS StandardThe IRS Standard for taking a business tax deduction is VERY simple. Ask yourself this question: Is this expense ordinary and necessary for operating my business? This is the standard the InternalRevenue Code uses in measuring the legitimacy of any business tax deduction. It’s quite liberal in itsscope. Do not make the mistake of answering this question quickly or lightly. If in doubt as to whetheryou should take an expense as a business deduction, ask your CPA.

Taking Your Vacation as a DeductionWould you like to take your vacation as a tax deduction? In order for a personal vacation to qualify as a business expense, you will need to work your business while on vacation. There are varying ways to do so, but you should document your activity. You should consider doing the following at a minimum:• Preview the Property by completing a hotel, resort, or cruise ship inspection tour.• Fill out a hotel/resort/cruise ship inspection form.• Swap business cards with people.• Gather names and contact information of potential travel customers.• Keep all of your vacation receipts from the trip.

Be aware that there are certain limitations on foreign travel and cruises. If in doubt as to whether yourtravel expenses are deductible, ask your CPA.

CHAPTER 11BUSINESS BASICS

11.2



Preview PropertiesAs a Travel Professional (that's you with your YTB business) tax experts say that you can write off yourtravel if you preview the property to recommend it to your clients or prospective clients... or if youhave YTB meetings while at the destination. You may even write off the expense of your spousetraveling with you if his/her presence is helpful in building your business. If in doubt as to whether youshould claim an expense as a business deduction, ask your CPA in your regular meeting.

Use the Property Inspection Form found in your YTB website back office area (on the RTA page under theForms Tab) to keep a record of your impressions -and the impressions of your family — about a particularresort property, hotel, cruise, etc.

Automobile DeductionsYour Automobile Deduction is one of the largest that is made available to a home-based business owner.The amount of the deduction is related to how much the vehicle is used for business and how much it isdriven for personal use. Business miles are those miles you document used in carrying on your business.For example, if you drive from work to an opportunity meeting, the miles are business miles.Commuting miles (from home to the first stop of the day and the last stop to home) are personal milesand non-deductible.

There are two methods of tracking the expenses associated with a vehicle:1. Actual total expenses times the business use percentage2. Standard rate per mile times the number of business miles

These two methods differ in that keeping up with the actual expenses requires the discipline of tracking all of the associated expenses from all vehicle expenses. The standard mileage method ofaccounting is simply taking the standard deduction rate (supplied annually by the IRS) and multiplyingall of the business associated miles by that standard flat rate. You should keep a written record ofbusiness mileage.

Choosing an automobile expense accounting method is fairly straightforward, but you should ask yourCPA when your return is being prepared. Once the accounting method has been started, YOU CANNOTCHANGE TO THE OTHER ACCOUNTING METHOD until the car is retired from service or traded/sold foranother car.

1. If your vehicle is newer or expensive to operate, you’ll likely get a larger deduction if you use theactual expense accounting method.

2. If your vehicle is older or less expensive to operate, you’ll likely get a larger deduction if you usethe standard mileage deduction as given by the IRS.

Turn Your Lunch Partner Into a DeductionA great way to turn your lunch partner into an active travel prospect is to ask for their email addressand permission to send them weekly travel specials. Then send them vacation and travel specials, and document the fact that you have sent them. Our deals are so good that your friends will becomeyour travel clients. People will book their vacations and travel on your YTB website, and you will earn commissions.




Hire Your ChildrenLet your children work in your business. There are many things that your kids can do to benefit yourbusiness, such as computer input, research, cleaning house before your travel party and relating theirtravel experiences to prospects, to name a few. Wages paid to your children are fully deductibleexpenses for you and, for children under the age of 18, the wages are not subject to social security anddisability. The wages must be a reasonable amount and must be for services actually performed by thechild. And as long as the child is a full-time student, you can deduct the wages and still take adeduction for them as a dependent.

Other Deductible ExpensesThere are many other kinds of expenses that you can deduct. Most people ask the question, “Can I deduct this?” It is a good question, but not a great question because it only has two answers: Yes or No. “How can I deduct this?” or “How does this benefit my business?” are much more usefulquestions. Better questions will give you more options. Every time you pull out your wallet, credit card,debit card, check or cash, ask yourself the question, “How does this expenditure benefit my business?”Finding an affirmative answer to that question will allow our Uncle Sam to pay for part of it in taxsavings. If in doubt as to whether you should take an expense as a business deduction, ask your CPA in your quarterly meeting.

Avoid the TrapMany people are told, “Go ahead and buy this because you can deduct it on your taxes.” Do not fall intothis trap. Ask yourself if you would make the purchase if it were not deductible and then make yourdecision. Assume you are in the 25% tax bracket and are deciding about a $100 expenditure. If youpurchase the $100 item you get $25 back in tax savings. If you decide not to purchase the item and youkeep the $100, pay the tax of $25 but you still have $75 left. Which is better (if you really didn’t needthe item anyway): $25 or $75? Remember this example if you are attempting to justify a purchase basedsolely on its tax deductibility.

DOCUMENTING TAX DEDUCTIONS

Writing Off Many ActivitiesAccording to tax experts, if you talk to people about your business... you can legitimately write offmany activities associated with that discussion. For example... if you are at lunch and say to the peoplewho are at lunch with you... "Do you like to travel? If I could show you some incredible travel deals...would that interest you?" By getting their contact information and sending them vacation and travelspecials, this may qualify as a tax deductible lunch since you are actively working to build your business.If in doubt as to whether you should take this expense as a business deduction, ask your CPA at yournext meeting.

Document, Document, DocumentThe key is to document the location, expense, prospect's name, etc. Why is documentation needed?Without it you may end up losing your bona fide deductions. Certain documentation is required by law.The IRS states in its official publications that you are required to maintain records that support accuratetax returns. The recording of tax information should be made at, or near the time of the expense whenthere is accurate recall. Such records should be permanent, accurate, and complete.


11.4



They should include sales slips, receipts, and canceled checks. You should write down your mileage, your expenses, and certain other things, in "a timely fashion" in some kind of notebook or diary. In "a timely fashion" means at or near the time of the expenditure. The closer in time that the record is made, the more credibility will be given to the record.

Travel and entertainment have specific documentation requirements. You must document the date and time, amount, location, business purpose and relationship of the person being entertained. A written receipt is required for each entertainment expenditure of $75 or more and all lodgingexpenses. The deduction for meals and entertainment is reduced by 50% on your tax return.

Most tax experts agree, more deductions are lost because of lack of documentation than because the IRS disagrees with the deduction.

Proof of Pursuing a ProfitDocumentation also helps you to prove to the IRS that you are pursuing a profit and that your home-based business is a business and NOT a hobby. A business plan that outlines your goals and actions isuseful in proving pursuit of profit and is also a very helpful business tool. A good diary also helps youprovide the summaries that your CPA needs, which reduces the time it takes to prepare your returns,and that typically reduces your accounting fees. If the IRS determines that your home-based business is a hobby, you lose your tax deductions.

A Diary, Organizer, Calendar or PDAA diary, organizer, calendar or PDA (if you can print the data) will help you document your businessactivities and deductions. If you forget to get a receipt, you can record the expense in your diary on a timely basis. Your diary can reflect:• Amount of each business expense• Time it took place• Location of the business activity• Business purpose• Business relationship or the person involved

Recording Expenses on a Timely BasisSet aside a time each week (or every few days) to record your business expenses. If you look at youraccounting records as a potential profit center it may help motivate you. Let’s say you are in the 25% tax bracket, spend one hour a week recording your expenses and document $6,000 in business-related expenditures.

Total expenses for year $6,000Tax Bracket 25%Tax Savings $1,500Hours spent keeping records 52 (1 hour per week)Earnings per hour for record keeping $28.85

Remember, without proper documentation you may lose the deductions and tax benefits of legitimatebusiness expenses.




SAMPLE TRACKING METHOD


11.6

YTB Travel Store Fee 49.95Internet DSL 35.00Cell Phone 59.99Wages (2 kids @ $20/week) 160.000Supplies (YTB & home office) 42.00Meals (348.00 x 50%) 174.00Mileage (702 x .34/mile) 238.68

Total 759.62

JANUARY MONTHLY BUSINESS EXPENSESDAILY PLANNER FOR JANUARY 04, 2005

YEARLY BUSINESS EXPENSES ASSUMPTIONS

NOTES

Mileageend: 19250start: 19155total: 95

Expensesmeals: 12supplies: 10

7A

8

9

10

11

12P

1

2

3

4

5

6

Joe Smith– LunchThe Bistro 12.00

Sue Jones– Travel Party13 guests, 1 Party Pack

[email protected] for travel

[email protected]

DATE MILES MEALS OTHER

1

2 14 8

3 8 7

4 95 12 SUPPLIES 10

5 19 38 WAGES 40

6 15

7

8 12 13

9 57 9

10 13 7

11 12 8

12 42 45 WAGES 40

13 15 SUPPLIES 5

14 10

15 18 7

16 20 7

DATE MILES MEALS OTHER

17 17 10

18 75 8 SUPPLIES 10

19 25 51 WAGES 40

20 32 10

21

22 11 8

23 49 7 SUPPLIES 9

24 14 12

25 11 6

26 30 52 WAGES 40

27 12

28

29 9 7

30 15 10

31 34 6

31 18

JANUARY 759.62FEBRUARY 627.50MARCH 768.00APRIL 609.60MAY 723.75JUNE 1856.90JULY 686.30AUGUST 755.00SEPTEMBER 696.80OCTOBER 988.50NOVEMBER 662.30DECEMBER 526.40TOTAL 9,660.57

Ron is a RTA actively working his YTB Travel business• He prospects for customers everywhere he goes.• Averages getting 5 new e-mail addresses each week.• Once a week he sends his e-mail list a new travel

special provided by the company.• Took his family on vacation in June, performed a site

inspection, met with the resort manager and got 10new email addresses from other resort guests.

Ron is also a Rep with yourTravelBiz.com• He has lunch with someone new every work day and

shares the business with them.• He attends an average of 3 Travel Parties each month

for Reps on his team.• Ron participates in local and regional meetings.• He listens to the Coach’s call each week.



Managing ReceiptsThis part of managing your business is actually much easier than you might think! One of the best waysto keep your business receipts that are being used for documentation of a tax deductible expense is touse a “12-envelope” system, one for each month of the year. This system consists of nothing more thanpurchasing 12 large business sized (6" x 9" or 9" x 12") envelopes. After purchasing the envelopes, you will need to label them, one envelope for each month beginning with the current month.

Many people find that putting the envelope on the front seat of the car will help remind them to getreceipts and store them in the envelope immediately.

Using your envelope system is easy!

Example: Let’s track a receipt from its inception to the storage envelope:• Business meal that is tax deductible• Get the receipt from server or cashier• Log the business purpose for the meal immediately

(in your tax diary, on the receipt, in a meal log, etc.)• Place the receipt in envelope on your front seat• Once home, enter the amount into your accounting system (paper or software)• Done!• (Remember to change the envelope on the first of every month)

You will have lots of receipts month after month, and many of those receipts fall into commoncategories. You may even consider using smaller mailing envelopes to ‘sub-categorize’ your businessexpense receipts (such as office supplies, gas, entertainment, postage, meetings, training, etc). In otherwords, use the smaller envelopes to file common expense types, and then put the smaller envelopesinto the larger envelope.

At the end of the month, total the amount of each category of expense in the envelope and then recordeach category and total on the outside of the large envelope. At the end of the year, add the amountsfrom each monthly envelope together and record on a single piece of paper with the category and theamount for the year. Providing these totals for the year to your CPA can reduce the amount of time fortax preparation.

RECORD KEEPING

There are many different ways to keep up with your accounting and tax records. The most importantdecision is for you to pick the one that you will use. It doesn’t matter if you have the most advancedelectronic system, if you don’t use it, you have wasted your money and time. Find the one that fits yourstyle. You may have to try several to find the one you like the best. The result will be worth the effort.




Paper Accounting SystemsThere is no requirement to use software accounting systems to track your business expenses. For manymany years accounting was done using ledger books where details of the business were simply “writtendown” in the correct columns for tallying as needed. With a business as simple as YTB, you too can use a“paper” accounting system, such as the envelope system above, if you prefer. Your CPA will show youwhat you’ll need to track and how to set up your system. This simple method of recording expenses andincome will have you tracking items just like you would in a computer software system, but doing so onpaper. You’ll track things like:• Income from YTB (Bonuses, commissions, etc.)• Business expenses (Telephone, travel, computer, paper, pens, entertainment, etc.)

Use the accounting system that works well for you.

Software Accounting SystemsThere are literally dozens of business accounting software titles out today. If you are familiar with one, you’ll likely want to stick with it. If you are new to this software, YOU’LL WANT TO CHOOSE A CPA FIRST! Before you buy any accounting software, choose the CPA that you will use in running your business. He/She may have a certain brand of software that they are familiar with and will almostalways prefer (and so should you) to have you use the one they know the best.

The 3 most popular titles are:• Intuit Quicken®• Microsoft Money® • Intuit Quickbooks®

These software systems work equally well, with each of them having some small advantages over theother. Study the information concerning them online, check with your CPA, and then buy the one that’sbest for you.

AdvantagesThe advantages of software over a paper accounting system are many. One of the biggest is the abilityto see “where you stand” on any line item, expense, or profit very quickly. With the click of yourmouse, you can see how much you have listed as tax deductible expenses, how much your company hasmade in profit, or how much you have spent on ANY line item you choose to look at. The disadvantageto software accounting systems is their lack of portability.


11.8



YOUR CPA OR TAX PROFESSIONAL’S ROLE IN YOUR BUSINESS

Your Most Important ToolA Certified Public Accountant (CPA) or other qualified tax professional is a very important tool in yourbusiness toolbox. At YTB we advise that you NOT attempt to manage your business without the adviceand counsel of a qualified CPA. To take full advantage of the available tax deductions of your business,the Certified Public Account is an absolute necessity — no “ifs,” “ands,” or “buts!” Your time with yourCPA does not need to be extensive — typically no more than a couple of hours every few months,depending on the complexity of your finances. You absolutely should have your own CPA in order toensure you are:• Taking advantage of all available tax deductions that apply to your business• Adhering to the current tax laws • Using standard and accepted methods of accounting• Documenting tax deductions properly

Since the tax law is written in words, there can be different interpretations of what the words mean.That is why you can ask two tax professionals if an item is deductible and get two different answers.Before hiring any professional, be sure that you and the professional have the same philosophy.

Where Do I Find a CPA?To find a qualified CPA, if you do not already have one, ask friends who own their own business forrecommendations. If you are not close to someone that owns a business, then you may literally finddozens of tax professionals listed in the yellow pages (usually under “Accountants, Certified Public”).Make sure to ask for 3 references and CALL THE REFERENCES! It does no good to get references if you do not follow up. Remember, your business and finances are at stake.

How Much Can I Expect to Spend?The cost of the services of a qualified Certified Public Accountant is very small compared to the amountthat they can potentially save you by coaching you on tax matters. Many businesses pay less than $500for an entire year of CPA services! Others pay $1,000, $2,000 or more. Much will depend on how muchtime you spend with your professional. Compare that fee to the thousands of dollars in potential taxsavings, and you can see that it’s a relative bargain. The amount of tax that a good CPA saves you willbe many times the amount of the fee. Don’t cut corners — hire a qualified CPA!

And remember that tax planning is much more effective at the beginning of the year when you canarrange your actions rather than at the end of the year when all you can do is damage control.

BUSINESS LICENSE

Check with your local city/county clerk concerning the issuance and use of a Business Tax License. These licenses are typically VERY inexpensive and can be as little as $15 per year. Each state hasdifferent laws regarding these licenses. If uncertain about this license, a great place to get moreinformation is from your personally chosen CPA. They are the experts!


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TOOLS FOR TAXES

Tax Strategy Books — There are many tax strategy books on the market but some of our favorites arelisted below and available at any major bookstore or Amazon.com. As always, you should consult yourCPA before taking any advice on tax issues:• Lower Your Taxes — Big Time by Sandy Botkin, Publisher: McGraw Hill• How to Pay Zero Taxes by Jeff A. Schnepper, Publisher: McGraw Hill

IRS Publications (understanding that these are the IRS’s interpretations)http://www.irs.gov/forms_pubs/index.html• Publication 334 — Tax Guide for Small Business• Publication 463 — Travel, Entertainment. Gift and Car Expenses• Publication 583 — Starting a Business and Keeping Records

(An alternative use for these publications is a cure for insomnia.)

Andy Magnus, CPA, furnished the preceding information. Andy is also an active RTA with YTB Travel and a Rep with yourTravelBiz.com.

When we met Andy, we knew we had found the person that could help our RTAs and Reps. His experience brings enormous credibility to the business of managing taxes.

As an IRS field agent, Andy spent five years auditing individual and business tax returns. He was selectedby the Internal Revenue Service to train new IRS Agents in the Internal Revenue Service’s Dallas RegionalTraining Center and also professionals in their Annual Tax Practitioner Trainings.

While with the IRS he saw a great need. Small business owners just did not have the resources to knowhow to take advantage of tax breaks that the U.S. Congress has made available to them to help themgrow their business. He knew and understood how easy it was to learn and use these tax laws, so he leftthe IRS and started his own company in 1978. Andy also helps his clients structure their finances forsuccession planning and asset protection.

Andy works with his clients to educate them on the many ways of saving tax, taking the fear out offinances and making taxes more fun. He consistently earns rave reviews for his clear and humorouspresentation.

Andy Magnus is not an employee of, nor does he represent, yourTravelBiz.com or YTB Travel. He is alicensed CPA who has dealt extensively with small and home-bases businesses for more than 25 years.


11.10



KEYS TO BUSINESS SUCCESS

• Run your business as a business — not a hobby!

• Find and hire a great CPA if you don’t already have one!

• In your initial meeting with your CPA, discuss your accounting and recordkeeping system, use of your vehicle, and tax philosophy.

• Meet with your CPA at least 3 or 4 times per year. Use your CPA’s time wisely. Unless the answer is critical to your immediate situation, save your questions for your next meeting.

• Plan your business for success.

• Document all business expenses in a timely manner for fun and profit.

• Use the 12-envelope system for filing business expense receipts.

• Learn how to use the income tax laws to benefit you. Get educated, and then ask your CPA good questions!

• Learn and implement the resources and tools for operating your business.




BUSINESS MINI QUIZ

The following questions were designed to help you recall the content that you’ve just covered in thetraining program. PLEASE refer back to the content should you not know the answer to a question. The purpose of this quiz is to ensure you know the content, not pass or fail the quiz!

A Certified Public Accountant isA. Not that important to run your YTB businessB. Nice to have if you can afford oneC. A necessity in order to properly run your businessD. Not something we need to concern ourselves with

The IRS standard for qualifying an expense as “tax-deductible” isA. Whatever the business owner thinks is correctB. Only expenses that are above $1,000C. Any expense that you have that’s in any way related to businessD. That the expense is ordinary and necessary to operating the business

I can track my automobile expenses by using one of the below accounting systemsA. Standard deduction per mile OR Actual expensesB. Fair market value OR Standard deduction per mileC. Actual expenses OR Monthly paymentD. Monthly payment OR Standard deduction per mile

According to the Internal Revenue Code, I should document my expensesA. Within 2 hoursB. Within 24 hoursC. Within 7 daysD. At or near the time of the expenditure

The act of documenting expenses that are tax deductible when it comes to possible IRS audits isA. Not important at allB. Up to you to decide if it’s importantC. Critically important to you and the IRSD. One of the last things you will worry about in an audit


11.12



BUSINESS PRACTICE ACTIVITY:THE YTB VACATION

• This exercise is to be completed with the use of a practice partner. You will work TOGETHER to fill out the worksheet.

• Spend time planning and thinking before recording your answers on the worksheettitled “YTB Vacation Worksheet”.

• You and your family have booked a 5-star resort in the Islands. Congratulations, you scored a wonderful FAM trip at more than 50% off the rack rate!

• This vacation starts in 2 weeks and before you go, you decide that you want to make this vacation tax deductible.

• Your plan is to meet with your CPA and bring him the ideas that you and yourpartner have come up with that might qualify this trip to be a business trip, thus making it tax deductible.

• Your goal is to list as many activities that you could do while on vacation to makethis trip qualify as tax deductible. Think big and think out of the box. Remember,working your YTB business on vacation IS fun. After all, vacations ARE our business!



11.14

BUSINESS PRACTICE ACTIVITY:THE YTB VACATION WORKSHEET

Use this worksheet to list all of the activities that you and your family could do while on vacation in order to qualify this trip as tax deductible:

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

Notes:



BUSINESS PRACTICE ACTIVITY:YTB VACATION ANSWER KEY

Not all of these activities NECESSARILY qualify any vacation for tax-deductible status.Sometimes, a combination of these may meet the qualifications. Other times it may not. Each vacation and family tax situation is different and you should ALWAYS CONSULT YOUR CPA if in doubt about the eligibility of an expense to be tax deductible.

• Exchange business cards and gather email addresses and/or phone numbers.

• Preview the property by touring the facility, and fill out a site inspection form.

• Ask your children their opinion of the location and then document their answers to you.

• Send an email to your client database recommending the resort or property that you “previewed.”

• Send emails to travel customers and/or call prospective Reps that you have metwhile on vacation.

• Document all business-related activity in a tax diary.


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