Tax Question...what Is Everyones Opinion on This...

[tlennhoff]

We do ours using software and then take everyting to H&R to have them reviewed to make sure we did everything right. This will be our 1st time with the schedule C so we'll see how it works out.

 

[chesse]

I believe you should look into "Writing off" free products you have received. Deductions are for expenses, not income.

 

[klsnyder]

I believe you should look into "Writing off" free products you have received. Deductions are for expenses, not income.

How do you do this?

 

[ltkacz]

Professional CPA ALL THE WAYAnd 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.

 

[Paige Dixon]

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.

Wow! Want to be hired to do my taxes this year? I'm not joking. Contact me if you're interested. [email protected].

 

[Paige Dixon]

I believe you should look into "Writing off" free products you have received. Deductions are for expenses, not income.

I understood that these are a wash. The are income, then expensed as business supplies.

 

[chesse]

You can't expense an income. They are opposites. But let's say you earn leadership money. You claim it as an income and then you spend it on business. THAT is a wash. You can't SPEND a piece of cookware.

 

[sherriel]

earn productsIf you are reinvesting the products you earn back into your business, they are tax deductable. If you hadn't earned them you would have spent $ buying them, so that would be an business expense. Just as if you expense items you add to your kit, you would do the same for products you earned that you use in your kit.

 

[mommyhugz1978]

We have our offices open year around... Not every H&R Block office in a town is open year around but my family keeps are's open. We always going to classes, so I guess it is each persons on opionion, just if your one of those that likes to be the one complaining that something is wrong and never does anything about it to begin with is when I feel like my families business as a whole is being bashed on. Not to say that you are.... just what I picked up from others.

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.

 

[ChefAlicia]

I am sorry that someone was upset by an H & R comment, each H & R block is owned individually then you are aware that there is a good apple among some that are not so good. I am sorry that you families attitude about treating people nicely is not shared by all. I meant no harm to your families business.

 

[dcypcar.chef]

We have used TurboTax every year and we have refinanced our house several times and have had to businesses and NEVER had a problem. It checks everything for you on an audit check and as long as you have your info correct to put into it, it is not a problem. I have a friend who is a CPA and he told me he could do my taxes for me and take my money, but like he said if you can use Pampered Partner, you can use TurboTax. They are equally easy to use.

 

[CAmomCookin4U]

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.

Speaking of write-offs=
Can I write of the fees, Uniforms and Books for my Culinary School since it's in the same field. I already plan on using the Hope School credit for part of it.

 

[CAmomCookin4U]

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

Do you do it on-line? or buy the program?