Managing Taxes for PC: Tips for Success

[Jenni]

Hello~ I have done one show and did great! My husband is very worried about the tax end of PC. He would be very upset if we had to pay at the end of the year. My plan/goal is 4 shows a month at $400 ave a show. So can anyone give me some advice... do you put money away? So far I saved all recites so far... I did some trail runs of the recipes I made at my open house. Th
e food and paper products I bought for open house, postage, mileage..

 

[debswork]

Hi, Congrats on your first show. Tax wise, advise get a good accountant that knows how to deduct for a business. You can deduct mileage,food receipts, consultant gifts, anything that is needed for your business. That is huge, for a write off of the sales you make. I have been in the business for 1 year. And this past year made 3,000. And still paid no taxes.. Yeah.... So tell hubby to chill and let you run your business and suceed at it... good luck. Mine hubby thougth it wouldn;t work for me and I just hit my 15,000 sales...

 

[reba515]

+ a percentage of your house/cell phone bills, internet, home electric & heat can also be written off.
You just need a space (room) you can call your "home office".

 

[KellyTheChef]

If it makes your DH feel better, set aside 10% of your commissions in a saving account. When you deduct ALL that you are able to, you will not have to pay any extra taxes! Then, you will have a nice little nest egg built up!

I have been doing this for 4 years. Made a lot some years, made a little some years. I am dilegent on keeping receipts and writing off everything that I can, though!

 

[Jenni]

Thanks~Thanks- for all the info.... I am going to save everything and take lots of notes!

This afternoon I cleaned the room over the garage (the junk room) and made myself and office Ok maybe its just a desk but I have big plans
My seven year old asked if he could come visit my office some time LOL he is so cute!!!

 

[KellyTheChef]

Jenni...that's great that you will have a room for yourself and PC!! Have fun setting it all up and decorating!

 

[floccies]

Remember mileage even for trips to the bank to deposit checks, trips to grocery store for practice and show food, The practice and show food, products purchased for demonstration purposes (the first year is a great time to invest in your kitchen -- the primary demo and practice area).

Partial deduction (depends on accountant) of PC, Internet, cell phone, computer supplies and repairs.

Cooking magazine, cook books, office supplies, postage used within the business, business related classes(cooking, bookkeeping etc).

 

[Jenni]

Remember mileage even for trips to the bank to deposit checks, trips to grocery store for practice and show food, The practice and show food, products purchased for demonstration purposes (the first year is a great time to invest in your kitchen -- the primary demo and practice area).

Partial deduction (depends on accountant) of PC, Internet, cell phone, computer supplies and repairs.

Cooking magazine, cook books, office supplies, postage used within the business, business related classes(cooking, bookkeeping etc).

Bank miles that is one I had forgotten about- just went back and put that in!