Using Pampered Chef to Do Taxes as a Business: Thoughts and Advice

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Discussion Overview

This thread explores various personal experiences and opinions regarding the use of tax software for filing taxes as a Pampered Chef business. Participants share their preferences, experiences with different software options, and discuss features that are important to them.

Discussion Character

  • Anecdotal
  • Opinion-based
  • Exploratory

Main Points Raised

  • One participant, identifying as a consultant, mentions using a tax software that transfers information from year to year and appreciates its step-by-step guidance for business-related tax matters.
  • Several participants highly recommend TurboTax online, noting its comprehensive coverage for small business owners and the ease of use they have experienced.
  • Another participant shares their experience with TaxAct online, highlighting its free service and user-friendly interface that helps with business-related tax questions.
  • One participant expresses concern about the potential for audits when using online tax software and suggests consulting a professional for business returns.
  • Another participant mentions that they prefer to use online resources for tax filing but consult a friend who is an accountant for tricky questions.
  • Several users discuss the benefits of using tax software that includes features like Schedule C for business deductions.

Areas of Agreement / Disagreement

Views differ on the necessity of professional tax assistance versus using online software, with some participants advocating for the latter based on their positive experiences, while others caution against potential audit risks associated with DIY tax filing.

Contextual Notes

Participants share their experiences primarily as Pampered Chef consultants, discussing how they navigate tax filing in relation to their business activities.

Who May Find This Useful

This discussion may be useful for Pampered Chef consultants looking for insights on tax software options and personal experiences related to filing taxes as a business.

jrstephens
jrstephens
Messages
7,085
This is what I have used to do our taxes for years, but this is the first year with PC as a business. A friend has told me it walks through all the business stuff step by step. Does anyone else use this and know how good they explain business things?

They transfer all information from year to year and I LOVE that feature and do not want to have to change places for efile.
 
I highly recommend TurboTax online!! They cover EVERYTHING!!! I've used them for several years and this is the first year I will file with PC as a business. I've already started as they have one specifically for small business owners and it asks everything imaginable. If anyone might be a USAA member, you can file at a discount if you access it from the USAA website.
 
PamperedChefDebi said:
I highly recommend TurboTax online!! They cover EVERYTHING!!! I've used them for several years and this is the first year I will file with PC as a business. I've already started as they have one specifically for small business owners and it asks everything imaginable. If anyone might be a USAA member, you can file at a discount if you access it from the USAA website.
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Ooooh - I didn't know about the USAA discount!! I Am a member!
 
What is USAA? If you file with Turbo tax do you have to buy separate software for personal and then another for small business or can you do it all on one?:confused:
 
chefkristin said:
If you file with Turbo tax do you have to buy separate software for personal and then another for small business or can you do it all on one?:confused:
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You can do it all with one version of the software.
 
chefann said:
You can do it all with one version of the software.
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So would I just get the Small Business version and do my personal on there as well?
 
chefkristin said:
So would I just get the Small Business version and do my personal on there as well?
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Get a tax program with Schedule C. That's what you need for your Pampered Chef Business.
 
chefjeanine said:
Get a tax program with Schedule C. That's what you need for your Pampered Chef Business.
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Thanks. I paid out a lot to have them done last year and I refuse to pay it again.
 
And the Small Business has the Schedule C. You don't HAVE to buy the software, you can do it right on line and it saves all your info. Even from one year to the next!

USAA is a military-affiliated insurance, investment, banking, etc., company. They are AWESOME!
 
jrstephens said:
This is what I have used to do our taxes for years, but this is the first year with PC as a business. A friend has told me it walks through all the business stuff step by step. Does anyone else use this and know how good they explain business things?

They transfer all information from year to year and I LOVE that feature and do not want to have to change places for efile.
Click to expand...

I use taxactonline every year....it's FREE for gosh sakes! It is VERY easy to use and walks you thru everything. It even asks you details for things (like if you use a home office, you enter the sq footage of your home, and then the square footage of your office and it figures out everything for your utilities, business use of the home amount, etc).

I highly recommend it, but only tell my closest friends about it....:D
 
taxactonline is FREE? There's no filing fee and is it free for the state returns as well? Thanks.
 
jwpamp said:
I use taxactonline every year....it's FREE for gosh sakes! It is VERY easy to use and walks you thru everything. It even asks you details for things (like if you use a home office, you enter the sq footage of your home, and then the square footage of your office and it figures out everything for your utilities, business use of the home amount, etc).

I highly recommend it, but only tell my closest friends about it....:D
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Awe thanks Janice!!!!:p
 
I used turbotax last year and found it to be EXTREMELY easy. I plan on using it again this year. They do ask everything imaginable.:D
 
beepampered said:
taxactonline is FREE? There's no filing fee and is it free for the state returns as well? Thanks.
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No, to file the state taxes online you have to pay a fee, but I use it because we have to file in Indiana and Illinois, and we usually don't get anything back on either of them (or have to pay)....I am in no hurry to do that!!:rolleyes:

Federal online filing is FREE!!
 
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  • #15
beepampered said:
taxactonline is FREE? There's no filing fee and is it free for the state returns as well? Thanks.
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I do both state and federal and e-file them. I think last year it was $19.95 for both.

Since I now know they ask all the business questions, I will stick with them. I love that they carry info over and it saves me a lot of inputting that I do not have to re-enter.
 
dannyzmom said:
Ooooh - I didn't know about the USAA discount!! I Am a member!
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We're USAA members too, and last year was our first time with Turbo Tax, and I'm glad that I not only saved (last year was 20%!), but that we did everything online, and I am the one that did our taxes! Usually it is so complicated to me, that hubby has to do it, but I was able to do it myself! Now that we've purchased a house, etc, it might be a little harder, but it is so nice to have everything right online, AND they offer an audit protection plan just in case you make any mistakes! It's fool proof really! Give it a try whether you have USAA or not! ;)
 
I priomised myself that I wasnt' going to go on a tirade about this..... but if you know me really well you also know what my family business is... We have some H&R Block franchise.... as a professional I can say if your doing any type of business return, small or other wise you really need to see a professional... your chances of being audited are GREATLY increased.... and it might say free but if you have a problem or a question have yoru credit card ready!......
 
I understand where you're coming from Leah, but honestly, DH won't go to HR Block....the only time he was audited was when he went there...

As for TurboTax, that is why we pay the little extra for Audit Protection...

Please, no offense:o ....but it's like going to a restuarant and having a bad experience...it doesn't make you want to return. :)
 
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  • #19
I understand what you are saying Leah. I work for an attorney and I hate it when people go to the internet to do legal documents and then I have to straighten them out for them.

That being said: I have a friend who is an accountant so I ask him any tricky questions before I use the internet, but I really do not want to pay what a professional charges when I can read up on it myself and do it for a little of nothing. I think in the older days not using a professional would get you audited quicker, but now in the days of e-file I do not think they look at it as that much different especially with all of the help these website give you. I would never use one I have never heard of and just pulled off the internet, but I have been using the same one for going on 6 or 7 years now. And if there is a question I cannot understand and do not feel comfortable interpreting I will stop and go to a professional.
 
My husband, until recently, ran his own building company, and before PC, I ran a Personal Chef business. We have used Turbo-Tax for several years now, and have LOVED it! I have read and listened to reports that state that Turbo-Tax returns are the least-audited returns, because it's actually difficult to make mistakes (unless you are making them on purpose:eek: ) when using Turbo-Tax. And the price is good - not free, but still good - and alot cheaper than when we used an accountant to do our taxes! I'm a little wierd - I actually think its sorta fun to sit down with all the info and answer all the questions!
 
I'm kinda wierd too then! I already started ours and made a whole long list of all the info I need to gather. It's almost like completing a puzzle. I know...DORK!
 
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  • #22
I am wierd too! Of course, I like looking at the "refund" amount in the coner go up with each deduction!!! We usually go on vacation with our deduction.

Also, I talked to my account friend and explained that my office is in a guest bedroom that is not used except for husband's closet and he told me I could take the home office deduction! He also said I could deduct the value of bonuses received if I use them in my business to generate sales - which I do!! YAHOO!!! I love free tax advice!
 
  • Thread starter
  • #23
Tax QuestionsWhich Business Activity Code do you use for PC? I described my business type as direct sales but do not know which code category to put it under. I hate to call and ask my accountant friend for more free advice he may get tired of it being free! HA!

I was geting as much done as I can ahead of time.
 
I didnt' say go to H&R Block, what I said is if you are doing a BUSINESS return small or other wise, you really should consult with a professional beforing attempting to do it on your own, H&R Block how ever has a standard gaurentee and we have a peace of mind guarentee for $29.00 in case your audited. I am not offend but like I said I didnt' say use H&R Block, just seek professional adivce.



hmolah said:
I understand where you're coming from Leah, but honestly, DH won't go to HR Block....the only time he was audited was when he went there...

As for TurboTax, that is why we pay the little extra for Audit Protection...

Please, no offense:o ....but it's like going to a restuarant and having a bad experience...it doesn't make you want to return. :)
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Frequently Asked Questions

1. Do I need to report my Pampered Chef income on my taxes?

Yes, if you earn income from your Pampered Chef business, you are required to report it on your taxes. This includes any commissions, bonuses, and sales you make. It's important to keep accurate records of your income and expenses to ensure you comply with tax regulations.

2. What expenses can I deduct as a Pampered Chef consultant?

As a Pampered Chef consultant, you can deduct various business-related expenses, including the cost of products purchased for resale, marketing materials, travel expenses for business purposes, and home office expenses. Be sure to keep receipts and documentation for all deductions you plan to claim.

3. How should I keep track of my sales and expenses for tax purposes?

It's advisable to maintain a detailed record of all sales and expenses throughout the year. You can use accounting software, spreadsheets, or even a simple notebook to track your income and expenses. Make sure to categorize your expenses and keep receipts organized to simplify the tax filing process.

4. Do I need to pay estimated taxes as a Pampered Chef consultant?

If you expect to owe $1,000 or more in taxes for the year, you may need to make estimated tax payments quarterly. This is especially important if your Pampered Chef income is significant. Consult with a tax professional to determine your estimated tax obligations based on your income.

5. Should I consult a tax professional for my Pampered Chef business taxes?

Yes, consulting a tax professional can be very beneficial, especially if you are new to running a business or if your financial situation is complex. A tax professional can help you understand your tax obligations, maximize your deductions, and ensure that you are compliant with tax laws.

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