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Need tax tips

Mar 20, 2006
61
2
Hi everyone I'm in my ss#1 and have gotten soo many great ideas from here Thanks!! My first show is march 31 and I can't wait to use all the new ideas. But I was wondering if those of you that have been doing this awhile had any tax tips for us newbies. Can we pay in to taxes through the year so we aren't hit hard next year come april? Also any ideas on what and how to keep track of.Thanks ahead of time
 
Feb 2, 2006
118
0
i purchased a file folder box that has slots for everything. Last year I wrote off more then I made. I use PC as a tax benefit. If you are worried open up a savings account and put 15-20% of what you make away. then your sure to be ok
 

soonerchef

Veteran Member
Feb 17, 2006
1,523
0
You can not pay into taxes, we get a 1099 form from PC that tells what we were paid/earned. You need to keep all of the receipts from everything PC and keep a journal in your car to log mileage. I find that at the end of the year I usually have $3-$4 K in deductions after all is said and done.
 

Shawnna

Senior Member
Gold Member
Feb 2, 2005
2,377
6
Technically, yes. Anything you purchase that you will use for your business is deductable because you will be demonstrating the product...therefore it is a supply. Of course you won't deduct things you purchase to give as gifts for family and friends...wedding shower gift, Christmas, etc. You need the products to demo and to practice recipes. I personally like to be able to say that I use this product for ? and this is why I like it. But, you don't have to have every product to sell PC.
 
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