AJPratt
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jrstephens said:THANK YOU FOR THE INFO!! I have a question for those who have been doing this. I see where when you win incentive gift certificates they add the value to your 1099 at the end of the year. My question is, when we earn free product packages such as Super Starter months and sell-a-thon and things like that, do they add that value to the 1099? When I get my commission check I figure all the taxes and put it in a special account for tax season, and I am wondering if I need to prepare for these amount too. This way I do not have to come up with it all at the end of the year and what I do not have to give the IRS, I can just keep for myself like a refund.
Yes, ANYTHING you get from PC will show up on your 1099. I was shocked when I saw the Italian charm bracelet was $65!! I liked it but not THAT much
Yes, it's called re-investing, anything you earn that you will use to help your business you can reinvest. When all of you lucky people that earned the cookware, you will be using it at your shows so it will be reinvested.ihavethetools said:I'm thinking then that if you use that bracelet to promote your PC like anytime you wear it....talk about PC.....then wondering if you can write it off then for it's fair market value.
Be worth checking with your accountant on.
Kris
jdavis said:Yes, it's called re-investing, anything you earn that you will use to help your business you can reinvest. When all of you lucky people that earned the cookware, you will be using it at your shows so it will be reinvested.
jrstephens said:THANK YOU FOR THE INFO!! I have a question for those who have been doing this. I see where when you win incentive gift certificates they add the value to your 1099 at the end of the year. My question is, when we earn free product packages such as Super Starter months and sell-a-thon and things like that, do they add that value to the 1099? When I get my commission check I figure all the taxes and put it in a special account for tax season, and I am wondering if I need to prepare for these amount too. This way I do not have to come up with it all at the end of the year and what I do not have to give the IRS, I can just keep for myself like a refund.
A business expense list is a detailed record of all the expenses incurred by a business during a specific period of time. It includes both fixed expenses, such as rent and utilities, and variable expenses, such as marketing and supplies.
Creating a business expense list is important for several reasons. It helps you track your spending and identify areas where you can cut costs. It also helps you prepare accurate financial statements and provides proof of expenses for tax purposes.
One idea is to categorize your expenses, such as by department or type of expense. You could also use accounting software or spreadsheets to track and organize your expenses. Another idea is to set a budget for each expense category and regularly review and adjust it as needed.
First, make sure to record all expenses, no matter how small. It's also important to keep receipts and invoices as proof of the expense. Additionally, regularly reviewing and analyzing your expense list can help you identify areas for cost-cutting and improve financial management.
Yes, it's important to keep your personal and business expenses separate for tax and financial purposes. Make sure to create a separate expense list for personal expenses and only include business-related expenses in your business expense list.