Creating Your Business Expense List: Ideas & Tips

[AJPratt]

What business expenses have you written off? I'm making a list for my new recruit! You can even share your creativity or rather some of the non-traditional write offs if you would like...

 

[AngieS]

Tax Write Off GuideAnne,
This is a list that I include in my new consultants training packets... It is in WORD. Hope it helps!

Angie Schneider
Future Director
(1 more until Director!!!)

 

[lacychef]

Wow, great flyer! I think that pretty much covers everything

 

[Harrle]

Thank You!! Thank You!! Thank You!!

 

[jrstephens]

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.

 

[GeorgiaPeach]

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

 

[AngieS]

You can turn around and write off anything you use as a business expense! Products expecially! For the most part, I've NEVER had to pay taxes on my income because I've been able to write off so many things like groceries & mileage! (I've also been a "hobby" consultant for the most part!) It's amazing the amount of things that are allowable write offs!

 

[AJPratt]

Angie: Thanks for the list!!!

 

[ihavethetools]

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

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]

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

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.

 

[andiphant]

My recruiter actually mentioned that she had earned a charm bracelet and since she was advertising whenever she wore it she did wite it off as a business investment.

 

[jrstephens]

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.

ok, so you are saying we can write off the value of anything we earn if we use it at some point in our shows or to advertised. I have earned all SS months and some bonus. Since I use them at some point in my show, I can turn around and write their value off? Is there a book or something we can buy or Publication from the IRS that gives us all of this info without going to an accountant. I do my own taxes each year. I know the IRS will have info out there, I just do not know what publication to order to get it. Any help would be appreciated! I am kind of stressing about earning these things, and than having to pay taxes on them too. But I know I our government loves to tax!

 

[cmdtrgd]

Because you are a small business owner, you have a higher chance of being audited. Why? Because there are a lot of expenses that cannot be accounted for just through submitting your tax paperwork to the IRS. They want to make sure you aren't writing off a yacht unless you are using it for hosting PC shows. Anyhoo, I would highly suggest you go to a professional tax preparer at least for one year so you can get all your questions answered. After that, you should be able to do the on your own. You can go to the IRS website to check out small business write offs.

 

[its_me_susan]

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.

How do you know how much to put away? What's your general rule (20%)?

 

[jrstephens]

i do payroll at my office, so, i have the info their. BUT you can go to www.irs.gov and download the withholding table there. and then go to your state's department of revenue website to get their withholding table. i have downloaded both of them on my home computer too for figuring when i am not at work. the Social Security withholding rate is .062 and the Medicare is .0145. i hold out double the Social Security and Medicare to pay in for retirement purposes. I treat the withholding table like i am withholding from my weekly paycheck. let me know if this helps or does not make sense at all. i do this becasue i do not want to be stuck having to come up with a bunch of money at once at the end of the year. and if i end up not having to pay it all in, then i will just give myself a little bonus!!!

 

[lkspeir]

I put back 25% from each paycheck - just in case. I don't want any surprises at the end of the year. I didn't know that products we've earned will be on our 1099 - Thanks for the heads up on that.

 

[mommyhugz1978]

I am not a tax expert but I can put you in touch with someone that can give you free advice, My father owns and operates four H&R Block franchieses, so if you have a question I can send you in the right direction or aleast try to!!