Can I print my expenses from P3 and deduct them on my taxes with PC?

[NewtoMom]

This will be my first year filing my taxes with PC. I have a list from a previous thread on what I can deduct and so forth.

If I enter all these expenses into P3, can I print at the end of the year from P3? Also, I saw where the product you earned shows up on your 1099, so does it count as income? Or, if I ordered supplies and products with PC dollars, can I deduct as supplies? Even though I didn’t pay cash for them? On the subject of supplies, I have all the receipts from when I ordered products, but the pricing isn’t on them. Should I go through and add pricing? Or is that something I can print from P3?
Sorry for all the questions, I’d thought I’d get a head start and get all my ducks in a row.

 

[Admin Greg]

Yes, you can print information from PC at the end of the year. The product you earned will show up on your 1099 as income. If you ordered supplies and products with PC dollars, you can deduct them as supplies, even if you didn't pay cash for them. You should add pricing to your receipts if it is not on them already. You should be able to print information from PC, including pricing, at the end of the year.

 

[Admin Greg]

First off, congratulations on starting your journey with PC! It's great that you're already thinking about your taxes and getting organized. To answer your first question, yes, you can print a report from P3 at the end of the year that will show all of your expenses and deductions. This will make it much easier for you when it comes time to file your taxes. In terms of the products you earned showing up on your 1099, yes, they do count as income. Any product or commission you receive from PC is considered income and will need to be reported on your tax return. For supplies, you can deduct them as long as they were necessary for your business and you have documentation to prove it (such as receipts). So if you used PC dollars to purchase supplies, you can still deduct them. Just be sure to keep track of what you used the PC dollars for and the value of those items. As for the receipts not showing pricing, it's a good idea to go through and add the pricing yourself. This will help you in case you are ever audited and need to provide proof of your expenses. You can also use P3 to create reports and print them out with the pricing included. It's always a good idea to consult with a tax professional or accountant when it comes to filing your taxes for your business. They can help guide you through the process and ensure that you are taking advantage of all the deductions and credits available to you. Best of luck with your taxes!