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Taxes for Pampered Chef Business: Should I Track Gas/Electric Costs?

You can deduct the difference between what you would have made on a fundraiser and what you actually made as a business expense. This is because the money was never in your pocket to spend and you were essentially working for free.
Lisa/ChefBear
Gold Member
1,293
Hi all,
This was my first year for filing taxes for my PC business, as I started in March of last year and I was scrambling at the end and we got it filed.:)

I just talked with my former PC consultant (who had someone do her taxes) but she remarked to me, well you did take off for your gas or elec stove?? And for your dishwasher?? and for your Fridge??? :eek:

How in God's green earth would you try and estimate the cost of that?? Just curious if I should try and keep track of that for this year. :confused:

Curious as to how of if any of you do this??

Thanks,

Lisa
 
Unless you totally use the appliance just for PC stuff I wouldn't worry about it. You have to figure in formulas of actual time you use the appliance, ratio it in compared to when you use it for personal reasons, etc., etc.

If you have an office that is only used for PC you can deduct a percentage of your mortgage depending on the square footage and the same with utilities, supplies, etc. But if you only have one fridge, stove, etc. in your house it's not worth trying to figure out the math to deduct those types of costs. It's a real headache and a red flag to the IRS for an audit.
 
I was told by my accountant that I could take a percentage of utility bills but when you look at what the deduction is (for me it was 10%) and what I would get back I found that deducting a percentage of the utilities was 1) not worth the hassle and 2) not worth the possible red flag to the IRS!
 
Write off everything you can!!If you are doing your taxes correctly then write off every penny you can! Why worry about the red flag and possible audit if you have all the documentation for what you do! I don't want the government to keep any more money of mine than they already do!

I have never heard about the deduction for the refrigerator...etc. Seems kinda fishy to me!

I do of course write off my office space, utilities, groceries, mileage, business supplies, cell phone, long distance phone calls etc. etc. etc.!!

If in doubt advise an accountant!!:D
 
Deduction for fundraiserSeeing we earn less commision on a fundraiser 15 or 17% vs. 20-27% can we deduct the difference as a business expense?
 
I don't think so because it's not really an expense we are just making less money. An expense is a cost out of pocket. When we dont' make as much on a fundraiser the money was never in our pocket to spend so I don't think it would be considered a cost.
 

1. Should I track my gas and electric costs for my Pampered Chef business?

Yes, it is important to track all of your business expenses, including gas and electric costs. These expenses can be deducted from your taxes, which can help reduce your taxable income and potentially save you money.

2. How do I track my gas and electric costs for my Pampered Chef business?

You can track your gas and electric costs by keeping a record of your utility bills and any receipts for gas or electric purchases related to your business. You can also use a mileage tracker app to track the distance you travel for business purposes and calculate the associated gas costs.

3. Can I deduct the full amount of my gas and electric costs for my Pampered Chef business?

No, you can only deduct the portion of your gas and electric costs that are used for your business. For example, if you use 20% of your home's electricity for your business, you can deduct 20% of your electric bill.

4. What if I work from a rented space for my Pampered Chef business?

If you work from a rented space, you can deduct the full amount of your gas and electric costs for that space as a business expense. However, if you also use the space for personal purposes, you can only deduct the portion that is used for your business.

5. Is it necessary to keep all of my gas and electric receipts for my Pampered Chef business?

Yes, it is important to keep all of your receipts for gas and electric expenses related to your business. These receipts serve as proof of your business expenses and will be necessary if you are ever audited by the IRS.

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