• Join Chef Success Today! Get support for your Pampered Chef business today! Increase your sales right now! Download 1000s of files and images, view thousands of Pampered Chef support threads! Totally Free!

Income Tax Question for Wanna Be Consultant...

In summary, income tax is a tax imposed on individuals or businesses based on their income or profits, and is used by the government to fund public services and programs. As a self-employed consultant, you are responsible for paying income tax on your profits, and the amount you owe will depend on your taxable income and can range from 10% to 37%. You can deduct necessary and ordinary business expenses, such as office supplies and travel expenses, from your taxable income. If you expect to owe more than $1,000 in income tax for the year, you will need to make estimated tax payments on a quarterly basis.
twoeyes
4
Hi there,
I'm currently considering becoming a Pampered Chef Consultant...

The only thing holding me back is the issue of taxes..

I currently have a full time salary... How does the Pampered Chef program work come tax time? I'm afraid that because I already work full time, that all my pampered chef earnings will go right to the government when it comes time to file my incomes tax.

Does anyone else here work full time? And live in Canada? How do you claim the additional income from Pampered Chef? Do you automatically deduct your own income tax to pay back later? Does Pampere Chef provide you with a statement of earnings?

This is the only thing holding me back..

Any help is appreciated!!!
Thanks!
 
I replied on other thread. If you want you can email me any more questions you may have, my email is [email protected]
 
  • Thread starter
  • #3
Thanks Cheryl,

I'll let you know if I have any more questions...

Right now I'm curious as to all the things I can write off!

Liisa
 

What is income tax?

Income tax is a tax that is imposed on individuals or businesses based on their income or profits. It is a way for the government to generate revenue to fund public services and programs.

Do I have to pay income tax if I want to be a consultant?

Yes, as a consultant you are considered self-employed and are responsible for paying income tax on the profits you earn from your consulting services. You will need to file a tax return and report your income and expenses to determine the amount of tax you owe.

How much income tax do I have to pay as a consultant?

The amount of income tax you have to pay as a consultant will depend on your taxable income, which is your total income minus any deductions or exemptions. The tax rates for self-employed individuals typically range from 10% to 37%.

What expenses can I deduct as a consultant for income tax purposes?

As a consultant, you can deduct any expenses that are necessary and ordinary for your business. This can include things like office supplies, travel expenses, and professional development courses. It's important to keep detailed records and receipts of your expenses for tax purposes.

Do I need to make estimated tax payments as a consultant?

If you expect to owe more than $1,000 in income tax for the year, you will need to make estimated tax payments on a quarterly basis. This is to ensure you are paying enough tax throughout the year and avoid any penalties for underpayment. Consult with a tax professional or use a tax calculator to determine how much you should be paying in estimated taxes.

Similar Pampered Chef Threads

  • SandiLeigh
  • Pampered Chef Finances
Replies
2
Views
1K
Admin Greg
  • Stephanie S
  • Pampered Chef Finances
Replies
2
Views
2K
Admin Greg
  • twoeyes
  • Recruiting and Team Leaders
Replies
5
Views
4K
cla519
  • ponvn591
  • Pampered Chef Finances
Replies
7
Views
1K
doughmama
  • HealthNut
  • Pampered Chef Finances
Replies
5
Views
2K
lt1jane
  • junkfortara
  • Pampered Chef Finances
Replies
4
Views
2K
AnaCash
  • rennea
  • Pampered Chef Finances
Replies
8
Views
2K
reba515
  • The_Kitchen_Guy
  • Pampered Chef Finances
Replies
14
Views
2K
genburk
  • danielsdundee
  • Pampered Chef Finances
Replies
15
Views
2K
ltkacz
  • Kari L Ferrell
  • Pampered Chef Support Group
Replies
2
Views
1K
ShellBeach
Back
Top