Pampered Chef: Expectations and Tax Filing Questions

[JTNT8704]

Anyone know when to expect them and in what form they will come? This is my first year dealing with PC so I dont know what to expect.

Also- does anyone here do their own taxes? I file ours every year using the HR Block online program and was wondering if this was still going to be easy to do this year with me taking on PC.

TIA!

 

[lkprescott]

1099s should be out by the end of January, like W-2s. Don't know what PC's track record is so don't panic for another month. Plus, if you keep track of your income and know your preparer you only need them to verify and support your income information. It doesn't get sent with the filing. We have a CPA... too many things going on to keep track of without a little help from a paid friend. LOL

 

[ChefBeckyD]

I use Turbo Tax Premiere


And last year, I believe I got my 1099 on the last day of January. by law, they have to be mailed by the last day.

 

[RebelChef]

I use Turbo Tax, also. Great program and reasonably priced. I started using Turbo Tax the first year it came out and have never switched.

 

[jrstephens]

I got mind at the beginning of Feb or very last of Jan last year. You could tell they waited until the last minute to mail them.

I did pull the info off CC earlier though and using taxactonline.com could go ahead and enter my info, but I did not file until I had the paper 1099 in my hand to make absolutely sure it matched. There was a time there where they had the wrong info posted on CC.

 

[J.Corley]

Hey Jen where did you get the info on CC for use on your taxes? Just on the Commission statement?

 

[jrstephens]

Hey Jen where did you get the info on CC for use on your taxes? Just on the Commission statement?

Go under "Managing Your Business."

Then "Financial Forms and Requests"

Then "Tax Information"

Then "My 1099"

Hope that helps!

I just kept chekcing back periodically to see when they had it up.

 

[J.Corley]

Cool, do you remember about when they posted it there last year?

 

[jrstephens]

Cool, do you remember about when they posted it there last year?

Not exactly. I know it was the mid to end of the month and that it was on there way before I seemed to get the paper one.

And I do remember they had a lot of Consultants info wrong and revised it on CC but the paper one was right. That is whay I waited for the paper one before I filed but I used the online one to give me an estimate.

 

[krzymomof4]

I am getting a little nervous to file this year. I know they say you need to show a profit or they are more likely to audit you. Since we can take so many things off as expenses, it makes me nervous. We are going through a CPA so maybe he can work it out.

 

[MicheleC]

Just an FYI, there was a tax bill passed by Congress at the end of the year which means changes in some tax forms. The IRS is not estimating those forms will be released until the middle of February so you may want to check before submitting your taxes to make sure you have updates. These are forms relating to the Alternative Minimum Tax, Child and Dependent Care Credits and Education Credits as the most common forms. You can check Internal Revenue Service and look at the article "Some taxpayers delayed by AMT Delay". Don't you just love how the government can pass a law at the very end of the year and make it retroactive?

 

[RebelChef]

I know they say you need to show a profit or they are more likely to audit you.

You need to show a profit for 3 out of the past 5 years including the current year. Just because you show a loss doesn't necessarily mean you're more likely to be audited. Especially if it's in the startup phase of your business. There are alot of expenses then and they know that.

Yes, we're able to use alot of deductions but so is anyone in a DS business and other types of businesses as well. The IRS is used to it so unless it's something really outrageous, it probably won't be suspicious. If you think you'll have too many deductions, there are ways around it. Legal ways. Some deductions can be carried over to the next year. You can always just not use a deduction if it'll put you over. As long as you show at least a penny profit for the year, you meet the rules. I'd probably make sure it was more than that so as not to raise eyebrows, but it's totally legal. lol