Cheri's First Show: Tax Advice for Newbies

[MissouriChef]

Hi, I'm a newbie here. I just had my first show last night (it was pretty good, over $500 in sales), but I'm meeting the hostess (also my best friend) for lunch tomorrow to close the show. Can I write off lunch? I know with other businesses you can, but wasn't really certain. Also, I am keeping track of my mileage, but do you also save your gas receipts?

Thanks so much!!
Cheri

 

[pamperedbecky]

I don't save gas receipts and I don't think you have to. It's mostly the mileage that you have to keep track of. Since you'll be doing PC business at lunch, I'd say it's a write off! Isn't this business great?!

 

[Shawnna]

your working lunch is a tax write off/deduction. As far as gas goes there are 2 ways to do that. One is to save all your receipts for your car...gas, oil change, etc. and claim them as deductions. But, I think if you do that your car has to be only used for business.

What my accountant/tax lady does is this:

How many miles did you drive this year?
How many miles did you drive your vehicle for Pampered Chef business?
How many miles did you drive your vehicle for farm business?
How many miles was personal use?

She then puts the PC mileage on my tax form and the farm mileage on my husbands farm form. She says just going by mileage - which is .405 per mile right now is usually the best way to go. Normally it gets you the better deduction.

I think there was a general list on this board with tax deductions on it.

shawnna