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thechefofnorthbend said:I've had both a private CPA and have gone to the Tax Jock-in-a-Box, and the only way I have felt that I got the best out of my taxes is TurboTax. I love it. Its easy, quick and painless...the most important.
cmdtrgd said:I'm curious what everyone's "bad feelings" and "getting screwed" by H&R Block entails. I've never had problems with them, but, I've never checked to see if we got all we could - like using a CPA to check them.
This I do, and we even checked with the IRS directly and the advise us to do it. It is a business expense.ChefAlicia said:You should also be taking a portion of your turbo tax program as a write off on your business.
lacychef said:I'm with you Carolyn; I'd love to try it myself, but I'm too chicken! My CPA charges us about $80, and we have the peace of mind knowing it's done right. Plus, I don't have to worry about finding the time to do it--I just take him my info & it's done in a few days--that way I don't have to take my time & focus off my biz! (we were left with bad feelings with H&R Block too)
How do you do this?chesse said:I believe you should look into "Writing off" free products you have received. Deductions are for expenses, not income.
ChefAlicia said:I have been preparing income taxes for over 10 years and selling pampered chef for 4 years. I think that you really need to know what items you can be deducting and being prepared for the tax preparer does not matter then if it is a CPA ($$$$$) or some just preparing income taxes ($$) One thing with H & R Block is that they do not ask you many questions about your business. If they dont see any mileage expense or any advertising theya re not likely to ask you those questions, it is their job tojust put down what you bring them. Just a few ideas on reminders of tax write off:
Supplies: dish soap, laundry soap, or an expense each time you wash your aprons or dish towels, how about those dish towels you use at home to dry those PC items after a show. All of the paper, envelopes, stamps, paper clips pens etc that you use that you probably do not even think of everyday.
The ingredients for all the new recipes that you try out, you cannot go to a show and try a recipe for the first time, you need to practice at home and you may need to practice it a couple of times. All of those ingredients are tax deductible. When you get together with friends and take a dish to pass use your PC dishes and write off the ingredients. When you have a show in your own home write off all the food and beverage.
Any gifts that you purchase to give away , if they are PC and promoting your business why not write those off. If someone helps me with a big show I give them a PC item and wrtie it off. All the little give aways you may do. Free shipping for someone, write it all off.
Advertising, newspaper ads, clothing with PC logo on it, magnets etc.
Insurance: the $2.00 that is deducted from your checks each month is a tax wrtie off. I also have a rider on my homeowners insurance should something happen to cover my home based business. It is only like $35.00 a year extra so I write this off.
When you get your 1099-Misc the amount of money received and other income are both income to you, but all of the items that you have earned, free products, logo items, PC dollars to purchase supplies should all be written off as expenses also. So look at the bottom of your 1099_misc for those addes expenses.
Dont forget your website if you have one, and a portion of your internet service fee can be tax deductible.
Repairs and purchases for your computer.
Don't forget mileage. For every mile you drive for your business you will receive 48.5 cents for 2006 and
44.5 cents for 2007. This means for all those miles to the bank to deposit money, to the post office, to pick up supplies, to drop off catalogs, drop off an order, drop off items to your hostess, etc. I gear most of my trips out around doing things for PC and for personal and tax the tax wrtie off for the mileage.
Good luck girls
Anything you buy to promote or use in your business is a tax write off. It is not a fun job to track everything but when tax time comes you will be smiling.
chesse said:I believe you should look into "Writing off" free products you have received. Deductions are for expenses, not income.
ltkacz said:And when I mean Professional - it's someone who does it year round, not just a fill in durring tax season.
I have, since I was 16 always used a professional CPA. I work in the financial industry, and have seen the nightmeres that people have when they try to do their own taxes. Furthermore, should you be audited, the CPA will handle the discussion with the IRS, not yourself. What are you going to tell the IRS should they ever contact you - I used this program I bought for $29 at the store. Tax laws are consitantly changing, I want someone who is up on it, and is trained appropriately on it.
Speaking of write-offs=ChefAlicia said:I have been preparing income taxes for over 10 years and selling pampered chef for 4 years. I think that you really need to know what items you can be deducting and being prepared for the tax preparer does not matter then if it is a CPA ($$$$$) or some just preparing income taxes ($$) One thing with H & R Block is that they do not ask you many questions about your business. If they dont see any mileage expense or any advertising theya re not likely to ask you those questions, it is their job tojust put down what you bring them. Just a few ideas on reminders of tax write offs:
Supplies: dish soap, laundry soap, or an expense each time you wash your aprons or dish towels, how about those dish towels you use at home to dry those PC items after a show. All of the paper, envelopes, stamps, paper clips pens etc that you use that you probably do not even think of everyday.
The ingredients for all the new recipes that you try out, you cannot go to a show and try a recipe for the first time, you need to practice at home and you may need to practice it a couple of times. All of those ingredients are tax deductible. When you get together with friends and take a dish to pass use your PC dishes and write off the ingredients. When you have a show in your own home write off all the food and beverage.
Any gifts that you purchase to give away , if they are PC and promoting your business why not write those off. If someone helps me with a big show I give them a PC item and wrtie it off. All the little give aways you may do. Free shipping for someone, write it all off.
Advertising, newspaper ads, clothing with PC logo on it, magnets etc.
Insurance: the $2.00 that is deducted from your checks each month is a tax wrtie off. I also have a rider on my homeowners insurance should something happen to cover my home based business. It is only like $35.00 a year extra so I write this off.
When you get your 1099-Misc the amount of money received and other income are both income to you, but all of the items that you have earned, free products, logo items, PC dollars to purchase supplies should all be written off as expenses also. So look at the bottom of your 1099_misc for those addes expenses.
Dont forget your website if you have one, and a portion of your internet service fee can be tax deductible.
Repairs and purchases for your computer.
Don't forget mileage. For every mile you drive for your business you will receive 48.5 cents for 2006 and
44.5 cents for 2007. This means for all those miles to the bank to deposit money, to the post office, to pick up supplies, to drop off catalogs, drop off an order, drop off items to your hostess, etc. I gear most of my trips out around doing things for PC and for personal and tax the tax wrtie off for the mileage.
Good luck girls
Anything you buy to promote or use in your business is a tax write off. It is not a fun job to track everything but when tax time comes you will be smiling.
Do you do it on-line? or buy the program?Jennie4PC said:I jusy wish my dh would write off some of the internet but he says he wont
we also do turbo tax and we have been using it for 6 yrs now