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Pampered Chef'rs With Full Time Jobs...tax Questions

In summary, the expert summarizer recommends keeping track of the following expenses when starting or maintaining a business: gas mileage, postage, labels, business cards, ingredients, host gifts, envelopes, and product samples. They also recommend keeping track of community happenings to take advantage of write-offs.
HealthNut
115
Ok, so I will be starting my business soon (ordering the kit tomorrow!!) and my husband and I use an accountant for our taxes (so I know it'll be easier than figuring it out on our own...)

But for those of you with full time jobs ALREADY and only use PC as a suplemental income - I know that PC does not take out taxes when you get paid...do you guys set aside a specific amount when you DO get your paycheck for taxes? Does it / will it really make THAT big of a difference?

What should I make sure to keep track of, spending-wise, to take to my accountant in the spring?

Anything and everything you can think of that I should know would be GREATLY appreciated!!
 
Well my first thought is make sure you put the P3 system to work for you and be better then I am at entering all your expenses for each show. Expenses to keep track of off the top of my head is
gas miliage
postage (for invites or mailings)
labels
Business cards
Ingredients that you may use
host gifts that you give
Envelopes
of couse your supply orders and product samples

Im sure theres more but this is a start
 
I have 2 separate side businesses in addition to working full time and I could pay estimated taxes, but what I chose to do this year instead is increase the withholding on my full time job so that the max is taken out. Based on what I made last year, it would be a toss up between doing that, or paying quarterly estimated taxes, and I find it easier to have it withheld... (though I get less take home, but I do get all the self-employment income without worrying about keeping some out).
 
I get an addition $10 a pay taken off so that I don't have to worry about paying in at the end of the year. I don't really do a lot of PC so that is plenty for me and I still get about $700 back every year. So I will continue doing that much until my business is booming and I have to pay in.
 
PC has "lost" me money for most of my time. But that's because I'm very good at recording expenses. NICE write-off for me.

I also count zero dependants at work ... but I have 2 dependents on my tax return, to make a long story short.

My first year in business I made a marginal profit ... but that's because of another business I left behind, PC counting my PC dollars as income b/c I hadn't spent them yet, a bank account that paid me for opening said account, and a medical study that paid me $700 for time and travel. I still got a return, just a pretty small one.

(Oh, and if you stop at Wal-Mart on your way home from work, the mileage to and from that store from your house counts. I told my accountant I only stopped at that one b/c it was on my way home. She said "It doesn't matter. your business is in your house.")
 
I love PC and that was a huge motivator to becoming a consultant. The other reason was my husband sold his business and we wanted the benefits of owning a business for tax purposes. I tend to break even or lose a little with PC (I am a hobby consultant).

For me, the write offs are key. Do you know that as a local business person, you need to keep current on community happenings? This means that the subscription to your local newspaper can be written off.
 

1. How do I report my income from Pampered Chef if I have a full time job?

If you are an independent consultant for Pampered Chef and have a full time job, you must report your income from Pampered Chef on your tax return. This income should be reported on Schedule C as self-employment income.

2. Are there any deductions I can claim as a Pampered Chef consultant with a full time job?

Yes, as a Pampered Chef consultant with a full time job, you may be eligible to claim deductions related to your business expenses. These may include expenses for hosting parties, purchasing supplies, and attending company events. It is important to keep detailed records of these expenses in order to claim them on your tax return.

3. Do I have to pay self-employment taxes as a Pampered Chef consultant with a full time job?

Yes, as an independent consultant for Pampered Chef, you are considered self-employed and must pay self-employment taxes on your income. These taxes include Social Security and Medicare taxes, and are typically paid through estimated tax payments throughout the year.

4. How do I file my taxes as a Pampered Chef consultant with a full time job?

You can file your taxes as a Pampered Chef consultant with a full time job by using Form 1040 and attaching Schedule C to report your self-employment income. You may also need to file additional forms, such as Schedule SE for self-employment taxes, depending on your specific situation.

5. Are there any tax credits or deductions available for Pampered Chef consultants with a full time job?

There may be tax credits or deductions available for Pampered Chef consultants with a full time job, depending on your individual circumstances. For example, if you use a portion of your home as a dedicated workspace for your Pampered Chef business, you may be able to claim a home office deduction. It is best to consult with a tax professional or use tax software to ensure you are claiming all eligible credits and deductions.

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