Results 1 to 7 of 7

Pampered Chef Thread: Reporting Income from Pampered Chef on your Taxes?

  1. #1

    Join Date
    Aug 2005
    Location
    Massachusetts
    Posts
    26

    Exclamation Reporting Income from Pampered Chef on your Taxes?

    Hi everyone! I'm considering becoming a PC Consultant but I came across an interesting question: How do I report my earnings to the IRS at tax time? Does PC give consultants any kind of tax paperwork to file? Perhaps something similar to the W-2's you would receive from your 'normal' 9-5 job? Or is this considered to be different? I'm just not sure how it would work and want to make sure I have all the answers before I sign up.

    Thank You!

  2. #2

    Join Date
    Jun 2005
    Location
    Naperville, IL
    Posts
    217
    They send a 1099 misc. income form that you use for your taxes. It list the income you earned and any the free product in a $$ amount. We go to an accountant so I supply him with the idemized deductions and the 1099 and he puts it all together. Saves me time and makes sure I have everything in the right places.

    If you have any other questions and are not working with anyone feel free to e-mail me. I'll be glad to help with anything you have a question with.
    Good luck with your venture. It is a step in a good direction. You have nothing to loose and everything to gain!

  3. #3
    pamperedbecky's Avatar
    Join Date
    May 2005
    Location
    Geneva, IL
    Posts
    4,555
    Also know that you can use ANYTHING related to your business as a tax write off!! It's great for things like mileage, phone, internet, groceries to practice recipes, office supplies, computer expenses, etc. Anything and everything related to your business is considered an expense. It really helps come tax time. Some people get involved JUST to utilize the tax write off.

    Please post any and all questions here because we all try to be helpful and answer your questions. We're a very supportive group! Congratulations on your decision to consider this. And if you didn't know already, NOW is a GREAT time to consider joining PC. THere's a wonderful incentive right now and with the new fall products coming out, it couldn't be easier to start a solid business. You'd have a great time!!

  4. #4

    Join Date
    Jun 2005
    Location
    Naperville, IL
    Posts
    217
    Also becky is right on the money for expenses. I was talking with a person today that is planning to sign and we were visiting at the ZOO. Well My mileage and lunch are now a business expense, oh the parking too. Any time you do business, it's an expense. She is going to visit out of state this weekend and is going to collect orders to put a show together out there. Business Expenses.

    There is alot of opportunity to write things off my new cell phone, and computer last year were 2. The new PC incentives for signing up and being a consultant are great for these next 3 months! No need to wait.

  5. #5

    Join Date
    Aug 2005
    Location
    Massachusetts
    Posts
    26
    That's a great perk! I just wanted to make sure that I wouldn't have to pay any taxes - I'm used to always getting a refund and I usually have plans for that money too! Of course it usually invloves paying off a credit card....

    Well I better make sure I keep a log of my mileage and keep all my receipts... I'm gonna have to be SUPER organized that's for sure! You know I didn't even think about the cell phone either. There's a lot of good ideas here that you ladies have given me.... thank you.

    I really think I am going to sign up. So do you think products would count towards a deduction - like my starter kit? I suppose it would huh? Well that's good....

  6. #6

    Join Date
    Jun 2005
    Posts
    159
    do we have to pay taxes for the free products we have earned as well??

  7. #7

    Join Date
    Jun 2005
    Location
    Naperville, IL
    Posts
    217
    Super stater products and kit items count as income on the 1099, but you can also write them off as a business expense, since you are using them as one.

    If you host a show and keep the free things from that then you will not see an item for that on your 1099.

Register to reply

Similar Pampered Chef Threads

  1. Fed Ex reporting losses
    By chefsteph07 in forum General business Tips
    Replies: 25
    Last Post: 06-19-2008, 11:23 AM
  2. Pampered Chef GC
    By Jennie4PC in forum Increasing Sales
    Replies: 2
    Last Post: 06-05-2008, 05:52 PM
  3. New To Pampered Chef and need help!
    By PCMelissa in forum Bookings
    Replies: 6
    Last Post: 02-11-2008, 11:06 AM
  4. New to Pampered Chef
    By pamperedsarahm in forum Pampered Partner
    Replies: 13
    Last Post: 03-13-2007, 12:36 AM
  5. I am looking for a Pampered Chef Rep.
    By zanylannie in forum Bookings
    Replies: 2
    Last Post: 01-05-2005, 06:58 AM

Tags for this Thread