Does Pampered Chef Provide an Official Paper for the Exact Amount I Made?

[ChefMary412]

Does PC send us a form with the exact amount we made? or is it something we have to do on our own. I know the number. I was just wondering if there is an official paper.

 

[PCJen]

PC will send you a form 1099-Misc if you have made $400 or more.

 

[ChefMary412]

................thanks!!!

 

[PCJen]

You're welcome. If you earned anything for free it will also be on the 1099-Misc. as income. My accountant usually just writes it off as going toward my kit for demos, no taxes owed.

 

[pcchefjane]

It's $400? I thought it was more than that before the 1099 came out. Someone else said it was higher on another thread when we were discussing Unemployment with PC.

 

[erinb]

I'm almost positive that it's a minimum of $600

 

[Mel92504]

I'm new to PC, I was wondering if anyone knew approximately what percentage of our income I should keep aside for taxes.

 

[cookingwithdot]

I was told that you shouldn't owe, but that you should have enough deductions to make up the difference.

 

[Melissa78]

I'm new to PC, I was wondering if anyone knew approximately what percentage of our income I should keep aside for taxes.

In my opinion you're safe with setting aside 25-30%. You should adjust accordingly based upon if you have another job, what your withholdings are etc. Best to have a tax expert review your status and give you a better idea but in my own little world, I set aside 25% one month and 30% another. I figure I withhold too much but that's a savings plan in my mind. Just my two cents.

 

[PCMomto4]

I am pretty sure it is 600 also, unless something has changed.

 

[PamperedchefDaly]

I was told that you shouldn't owe, but that you should have enough deductions to make up the difference.

You can show a loss for 3 years. But if you don't show a profit after 3 years the IRS considers it a "hobby" and you can't claim it anymore.

 

[abrownsmith]

This is great information especially for a new consultant. Thank you so much for sharing.

 

[NooraK]

You can show a loss for 3 years. But if you don't show a profit after 3 years the IRS considers it a "hobby" and you can't claim it anymore.

That's what I've heard too. I'm into my 4th year now, so I guess I should show a profit. Last year I broke even

 

[Sheila]

It's not up on Consultant's Corner yet, it's still too early ... but will eventually be posted for you to look at it: My 10-99You can get there by going to: Consultant's Corner - Managing Your Business - Financial Forms & Requests - Tax Information - My 10-99