Back to IBO Bookkeeping 101

'Tis the season for many things. Holidays and get-togethers with family and friends, of course. It's also a season of added income potential for many businesses.

Yet, it also means the annual tradition of "tax time" is lurking around the corner. To help you navigate your way through the somtimes choppy and uncharted waters of the tax code, the IBOAI recommends a resource prepared with you in mind: IBO Bookkeeping 101. This guide is essential for dealing with tax issues and your business, and it's available in U.S. and Canadian versions.

IBO Bookkeeping 101 offers simple yet top-notch advice on how to properly maintain your records while building your business. Failure to keep adequate records can be a costly mistake that you can avoid by following the stpes in this gude and, when necessary, consulting a professional tax adviser, preferably a CPA, who understands our business.

The author, Joe DePetris, is a CPA who's worked with thousands of IBOs - from those just getting started to those at the Diamond level and above. His efforts can save you time and money by providing the resources to maintain records of your business activity that satisfy the requirements of the Internal Revenue Service and Canada Revenue Agency. In this guide, Joe shares with you the same insights he offers to his clients.

How do you get your copy? Many IBO organizations make it avilable. You can also learn more about the guide and order it through the IBOAI website.

As your representatives on the IBOAI Board, we're committed to protecting and improving the business-building opportunity for all IBOs. We hope this guide is helpful to you as you build your business.

Click to download the IBO Bookkeeping 101 Guide


More Tax Tips for IBOs

By Joe DePetris, Jr., CPA
Tax Consultant to the IBOAI Board

IBO Reports Clean Bill of Health from IRS – Thanks to Joe DePetris, Jr.

One of the resources the IBOAI considers solid gold for our Members is our Tax Consultant, Joe DePetris, Jr., CPA. An IBO’s positive experience during a recent IRS audit bears this out.

Says Kecia S, “My audit appointment was on April 2, 2009, and was completed in half the allotted time. I also walked away with multiple complements and no changes to any of the four years examined.” She adds, “ALL of the credit (edification) for how I ‘keep my books’ belongs to Mr. Joe DePetris.”

Joe DePetris, a Certified Public Accountant with over 30 years of experience and officially the Tax Consultant to the IBOAI Board, authored our IBO Bookkeeping 101 and writes the Tax Tips for IBOs you’ll find on the IBOAI website. He is also available for individual consultations (see the IBO Bookkeeping 101 page for contact information).

Those who have relied on his advice agree with Kecia, who says: “Without Mr. DePetris instructing the IRS on how to audit IBOs and teaching IBOs how to properly report and document their businesses, it would be ‘devastating’, to say the least, to receive an ‘examination’ letter from the IRS.”

She concludes, “Thank you again for providing Mr. Joe DePetris as a resource to IBOs. I SINCERELY appreciate being able to have him as an integral part of my Amway Global business.”
We think you’ll find Joe DePetris’s advice solid gold, too. You can begin by using Joe’s IBO Bookkeeping 101. He’s a resource you can use with confidence.Learn more about Joe DePetris, Jr., and IBO tax return preparation and tax issues at IBO Bookkeeping 101.

Find more Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an educational resource for your guidance, and is strictly informational. It does not constitute legal, accounting, or other professional counsel. Nothing included herein implies a recommendation by the author, the IBOA International, or Amway Global, of any course or method of regulatory compliance. Readers and users who intend to take, or refrain from taking, any action based on information contained herein should first consult with their qualified tax advisor, preferably a C.P.A., or appropriate regulatory authorities.