Getting Ready for Tax Season: What to Gather for TaxAct Prep

[sarahsellcm]

Can anyone help me know what all I should gather up to do my taxes? I am going to use taxact but just trying to make sure I take into consideration everything that I can use as a deduction. This is my first year with PC so I am a little confused what all I should do. Thanks!

 

[sailortena]

There is an area on Consultant's Corner that helps you with tax information, and tells you samples of deductions you can take.
For instance:
• All of your mileage to and from shows, host coaching, cluster meetings, business trips to the store and post office.
• Part of your home office, if you qualify
• Internet and phone costs used exclusively for Pampered Chef
• Office furniture
• Food that you provided at shows (deducted at 100%, tally it as a show expense)
• Dining out expenses, if you ate out with a host or had meals out while doing a show or going to conference or whatever. (This you can deduct at 50%)
• Kit enhancements
• Samples
• Supplies for your business
• Web site (counted for advertising) .. and any other advertising
• Clothes and tote bags and items you use to carry around ... used as an advertsing expense. This includes PC jewelry.
• The property taxes/registration fees you paid on your car that you use for business.
• Booth and fair fees, parking fees, business-related toll fees
• Day care/babysitting expenses if you specifically had your children in day care while you were at a show.
• Medical and liability insurance premiums (if you have self-employed health insurance)

 

[Admin Greg]

Here are some things you should gather up when doing your taxes:1. Personal information: This includes your Social Security number, date of birth, and any other personal information needed to file your taxes.2. Income documents: Gather all forms that show your income for the year, such as W-2s from your employer, 1099 forms for freelance work or investment income, and any other income-related documents.3. Expense receipts: Keep track of any receipts or documentation for expenses that may be deductible, such as business expenses, charitable donations, medical expenses, and education expenses.4. Previous tax returns: If this is not your first year filing taxes, it can be helpful to have your previous tax returns on hand to refer to.5. Bank and investment statements: Gather statements from your bank accounts and investment accounts, as you may need these to report interest or dividends earned.6. Mortgage and property tax statements: If you own a home, gather your mortgage interest statement and any property tax statements you received.7. Health insurance information: If you have health insurance through the marketplace, you will need your Form 1095-A. If you have insurance through your employer, you will receive a Form 1095-B or 1095-C.8. Education expenses: If you paid for tuition, fees, or other education-related expenses, gather your Form 1098-T from your educational institution.9. Retirement account contributions: If you contributed to a retirement account, such as an IRA or 401(k), gather your Form 5498.10. Business income and expenses: If you have a small business or are self-employed, gather all income and expense documents related to your business.11. Deduction and credit information: Keep track of any potential deductions or credits you may be eligible for, such as the Earned Income Tax Credit or the Child Tax Credit.It's always a good idea to consult with a tax professional or use a tax preparation software, like TaxAct, to ensure you are taking advantage of all deductions and credits available to you.