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Tax ?

heat123

Legend Member
Silver Member
Sep 7, 2005
6,977
0
This will be my first 1099 for taxes and was wondering if anyone could tell me if I can write off everything I purchased to start up my PC business?

Including: Kit, booster kit, website, banners, alot more product, paper work supplies and door prizes, costs for 4 grand opening shows i.e.(food, paper goods, decorations etc) , sampling recipes at home, business clothes (I bought professional attire) for when I do all shows, office supplies, stationery, stamps that about concludes my list I think? :eek:

I know people must think I spent way to much to start up but I felt it was worth putting money into it up front rather than along the way! :rolleyes:

I have yet to see a profit but have pretty much broken even after Jan. my commission. :p

thanks for any input!
 

ange13

Member
Nov 2, 2005
430
0
I have always deducted all that type of stuff, inlcuding mileage, home office, utilities, internet, cell phone, bank fees, money order fees, your tax preparers fees, etc.

You'll be at a loss, but that's ok, you'll get a nice return!!

ange
 

GeorgiaPeach

Veteran Member
Silver Member
Jan 22, 2005
1,371
1
heat123 said:
Including: Kit, booster kit, website, banners, alot more product, paper work supplies and door prizes, costs for 4 grand opening shows i.e.(food, paper goods, decorations etc) , sampling recipes at home, business clothes (I bought professional attire) for when I do all shows, office supplies, stationery, stamps that about concludes my list I think? :eek:

QUOTE]

The only thing that is on your list that I don't think you can deduct is the business clothes. I think you can only deduct "regular" clothes if you ONLY wear them to shows...no where else. Like khaki pants can be worn at places other than your show. The exception is clothes you buy from VIP with the PC logo on them. I'd ask your tax preparer to be sure.

Also...don't forget mileage to and from post office, grocery (to buy ingredients for recipes), etc. When you have more deductions than income and take a loss for the tax year, you can only do that for 3 years in a row, then they consider it a hobby and I don't think you are entitled to deductions.
 

chef131doreen

Veteran Member
Gold Member
Mar 15, 2005
1,255
1
taxes

You can write off clothes that say Pamperedchef it is a form of advertizing we buy these items for our business . My director tod me that what ever we buy for our buisiness we can write off. I do have a question if anyone can help on our pampered partner I now have 5 years of taxes on it do you clear everything out each year I do have the past years on paper cause I print it so can I clear it or keep everything on pampered partner.
Doreen Zaino
 

Swirl

Member
Nov 24, 2005
229
0
Question

Since I started in Nov and I did not make $600 it said I will not get a 1099, can I still file taxes and take deductions without a 1099? I have the startup cost for those 2 months I really hate to lose those deductions.
 
M

minshriver

Guest
No 1099

Yes you can still file your taxes without the 1099. Your taxpreparer will just note that you don't have one in your return. By the way does anyone know if all of the 1099s were sent out yet? :confused: I didn't get one. Oh and about taking a loss for more then 3 years in a row, my taxpreparer said if you spent it claim it. :p Just be well prepared with documentation to back it up in case the IRS has questions. I've been taking a loss for 5 years now, but hopefully I'll be in the plus this year since I want to go to the Bahamas! :D Thanks.
 

heat123

Legend Member
Silver Member
Sep 7, 2005
6,977
0
Thank you!

For all your replies! I'm relieved almost all can be written off! That'll save me from paying any this year! :D
Hopefully next year (a full selling year) will be a profit and not a loss! :rolleyes:

Kinda hard though not to buy ALL of our stuff and 1/4 of the New stuff I didn't earn! Every paycheck! :(
 

rachelpc

Novice Member
Jan 23, 2005
33
0
Received 1099

Hi everyone,
There was a question about when the 1099's were sent. I received mine last Wednesday. All companies are required by law to have tax items post marked by Jan , 31st. So you should be getting it any day.
Rachel
 

ddcook

Member
Oct 18, 2005
65
0
1099 on Consultant's Corner

You can also see what the HO will be sending right from Consultant's Corner. Just click on Managing Your Business -> Financial Forms and Applications -> Tax Information. You will find "My 1099" listed. It will include your commission AND your 'other income' such as prizes, incentives, etc.

HTH
 
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