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Tax Question

Swirl

Member
Nov 24, 2005
229
0
I was just wondering if PC sends us anything for our tax filing, like a statement on how much we have made in commission. I know we have to keep up with our expenses ourselves but usually a company will send out something with the yearly gross income on it. Just wanted to know if anybody knew since this is my first year with PC. Thanks in advance for any info you can give. :)
 

pampered1224

Legacy Member
Silver Member
Apr 13, 2004
3,791
41
You should have it by now...

Each year you get a 1099 which shows all your commission and product income. If you do your own taxes make sure you remember to include the non-monetary income. Things like products, jewlry and even the 3 pieces of PC luggage are concidered income because it was an "earned" item(s) not a real freebie from the company. These must be postmarked no later than January 31st so you should have it very soon if you do not already.
 

DZmom

Veteran Member
Jun 20, 2005
1,070
2
I do Turbo Tax and this year since I started PC I chose the Premier version. It only cost me $75 or $76 total after the Rapid Return with Direct Deposit through SBBT! I've already gotten mine back and my laptop will arrive TOMORROW!! :D
 

Harrle

Member
Jul 18, 2005
297
0
Write off's

Just a quick question - I read somewhere in a thread on this site about being able to write off chiropratic/medical expenses - how is it that we can do that? How would that be a PC expense? Wouldn't that flag the IRS?

I seem to always question my write-offs, I wish there was a form that said exactly what we could and couldn't/should and shouldn't write off. I guess that would be like everyone at a show wanting to sign up to be a consultant and perfect strangers walking up to me and wanting to do a kitchen show!! lol :)

Thanks for any help!!
Leea
 

pampered1224

Legacy Member
Silver Member
Apr 13, 2004
3,791
41
Great tool and major write off!!

You will love having a laptop. And it is a great write off.
I am curious if Turbo Tax is easy to use. I have been paying out about $200 a year to have HR Block do mine. The only reason I did this was because I did not even have a PC when I started so... But after two years, I just kept going back because the tax laws kept changing and I was afraid to try to keep up with that. Anyone really love Turbo and not had problems? I really would love to save the money. And you don't get to write all of that off when HR block does it. Turbo I could completely write off.
 

DZmom

Veteran Member
Jun 20, 2005
1,070
2
Gotta Love Turbo Tax!

I like it better than HR Block! The last time I used them it cost me OVER $350 total! Turbo Tax walks you through it step by step, PLUS it's a Try Me just like the 8" Pan! :D You can go all the way through and see what your return or payment will be BEFORE you have to pay. :D If you decide you don't want to use the program you just click Clear My Return and VOILA! You've given it a shot and your not out any cash!

I've used TT the last 2 years and not had a problem. I just go to their website and do it completely online! I'll never go back to the Tax Preparers! I've even started doing some of my friends taxes as well. :D
 
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kimmers

Member
Dec 19, 2005
272
0
We have use Turbo Tax for the last couple of years, but this will be our first one since I started PC. We love Turbo Tax as of now, but will update after we have tried it with the info from having my own biz. :)

If anyone else has info, that would be great to have.

Kim
 

fruit76loop

Veteran Member
Gold Member
Sep 13, 2005
1,161
0
Medical writeoffs

Harrle said:
Just a quick question - I read somewhere in a thread on this site about being able to write off chiropratic/medical expenses - how is it that we can do that? How would that be a PC expense? Wouldn't that flag the IRS?

I seem to always question my write-offs, I wish there was a form that said exactly what we could and couldn't/should and shouldn't write off. I guess that would be like everyone at a show wanting to sign up to be a consultant and perfect strangers walking up to me and wanting to do a kitchen show!! lol :)

Thanks for any help!!
Leea


Leea,

Medical expenses are not a PC expense directly, but you can write them off on your taxes. However, you have to spend more than 7% of your income on medical expenses and you must have all receipts. Then, only the part of the medical expense that goes over the 7% is tax deductable.

I know this because last year we wrote off medical...we had $14,000 :eek: out of pocket in medical!! Glad I won't be able to write it off again!! :D
 

Swirl

Member
Nov 24, 2005
229
0
So with Turbo Tax do you pick it up at your local Walmart or computer store, and do you have to purchase it every year for the updates? My husband always wants to go to H&R and it makes me sick what they charge. And I just want to pop him silly when he talks about rapid refund.....they make enough money off people!!! I'm really thiking about going with the TT this year, just to try it out. I was alittle afraid till I read the threads on here about it, and if you guys like it then it has to be great! ;)
 

kimmers

Member
Dec 19, 2005
272
0
You can get it at Walmart, Staples, Office Max, Target. Almost anywhere. They have 3 different levels. We usually go with the deluxe, but this year we will go with the premium so that we don't miss any business expenses. check out their web site http://www.turbotax.com/ for more info. Just keep in mind that the ones that you buy at a store are more expensive, because they include the software to file your state taxes too. The one online says that state is seperate.

HTH

Kim
 

DZmom

Veteran Member
Jun 20, 2005
1,070
2
You can buy @ Walmart or you can just use it on their website. If you buy from Walmart, then you don't get the "Try Me" feature, to see if you like it. I just go to Turbotax.com every year and use their online version. And yes you'd have to a copy from Walmart each year to get the updates. I just like the online version best, because then I don't have to install and unistall software on my pc each and every year. The online version is best in my open! Plus, with the online version the save you return from previous years as an adobe file so that you can compare this year's return to last!

I'd say just to go to the website and click on the Premier version. Fill out the return and see for yourself. It DOES NOT charge you until you click file my return so if you don't like it or are NOT comfortable with it then you can click CLEAR MY RETURN and go down to H&R Block!

Premier's the MOST expensive and it only cost me around $75! AND that's with Rapid Refund! I got my state return in 4 days and my Federal in 10 days! Plus I had the tax fees taken out of my fed return and that cost me $20 so the actual Turbo Tax fee was $55!
 

pampered1224

Legacy Member
Silver Member
Apr 13, 2004
3,791
41
Thanks for the info.

I also found out that HR block may have screwed me up as far as my deductions/expenses go. In another post, I mentioned that the products I had earned during the year that appear on my 1099 were not to be used as expenses as without a receipt you could not do this. Basically because it was not paid for. Two HR guys showed me in writing that the IRS said this is not to be done. However, several other consultants said their tax guys said it is OK as long as you use the items in your business. I decided I am going to call the IRS directly for that answer. Especially since I want to use Turbo TAx and not spend over $200 to have my taxes done. Thanks for the info!
 

Happy Mom

Member
Aug 11, 2005
178
0
I would schedule an appointment to talk with a supervisor at HR Block. They hire a lot of inexperienced people to help out at tax time. HR does do training, but anyone who has used a great accountant (especially CPA's)knows his/her knowledge is a great asset. A short training period cannot make up for years of experience.

I thought that HR ran an ad that if they made a mistake they would redo your taxes for free?
 
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