Where Do I Enter My Business Expenses in Turbo Tax?

  • Thread starter Thread starter jtjacaldwell
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Discussion Overview

This thread revolves around the experiences of participants using Turbo Tax to enter their business expenses related to their work as Pampered Chef consultants. Participants share their personal insights on handling various income and expense categories, as well as navigating the tax implications of their earnings and deductions.

Discussion Character

  • Anecdotal
  • Opinion-based
  • Technical explanation

Main Points Raised

  • One participant mentions difficulty in finding where to enter business expenses in Turbo Tax after updating their 1099 information.
  • Another participant shares their experience of being double-taxed on a specific incentive amount and is seeking resolution.
  • Some participants discuss whether certain income, like gifts received or incentives, can be written off as expenses.
  • One participant notes that they believe the $50 off National Conference registration can be written off as a business expense.
  • Several users mention various categories for expenses in Turbo Partner, including insurance and supplies, and how to categorize different expenses.
  • One participant expresses surprise at the amount of income reported on their 1099 and reflects on the benefits of being a consultant.
  • Another participant discusses the necessity of adding commission checks as income for clarity in accounting.
  • Some participants share their thoughts on whether to tally expenses in Turbo Partner or another format.

Areas of Agreement / Disagreement

Views differ on the specifics of what can be written off as business expenses, and there is no clear consensus on the best method for tracking these expenses.

Contextual Notes

Participants are primarily discussing their personal experiences with Turbo Tax and the implications of their earnings as Pampered Chef consultants, focusing on how to accurately report income and expenses for tax purposes.

Who May Find This Useful

Consultants looking for insights on managing their business expenses and navigating tax reporting using Turbo Tax may find this discussion helpful.

jenniferknapp said:
My stoneware special $25 PC bucks was included on mine....they might have goofed with yours!
Click to expand...

I just saw it - guess I need to read better!
 
I listed my categories...
jrstephens said:
SOOOO anything that we buy and use in our business we put in as business supplies. What about postage? And recipe ingredients? All still supplies?
Click to expand...

up above. You can see that I chose to seperate out postage, but in reality you could list those in business supplies. I also choose to seperate out groceries. But when Kathy Yellets' husband, I forgot his first name...oops..., he told us that he lumps everything together and as long as you have the receipts you don't have to categorize it on your taxes.

HTH
 
Okay, mine is posted. But HOW did they get a value of $93 for the 2 forged knives promotion?? I want to show it was reinvested and don't get me wrong, am glad that it was less income to claim, but how do you prove that when the catalog costs are so different??

Where do they get those values from? Is it THEIR cost? In that case I guess it's good for us then as it's lower income amounts.
 
I believe it's cost.
 
Turbo Tax
jtjacaldwell said:
I just checked a few minutes ago & my 1099 was updated on Consultant's Corner. I'm using Turbo Tax. I entered my 1099 information. Now I can't seem to figure out where to enter my business expenses. Is there anyone out there familiar with this program, who could help?
Click to expand...

This yr I purchased Turbo tax for home/business, schedule C; you would enter under one of the 1099's for your pampered chef.

I didn't realize we could download our PC 1099; I kept watching the mail for it, I"ll have to go look for mine.

thanks

liz
 
How do you like the Turbo Tax for home/business, schedule c? Is it all one thing or did you have to buy seperate things? How much did it cost? Is that the one backed by people? Sorry for all the questions, but want to do this right. TIA!
 
lizcooks4u said:
I didn't realize we could download our PC 1099; I kept watching the mail for it, I"ll have to go look for mine.
Click to expand...

Are we supposed to download and print out our 1099's ourself? Last year I got one in the mail, but it came well before the end of January.
 
I guess everyone is downloading theirs this morning...as it is taking me forever to log in!!!!!!!!
 
I just finished my taxes using Turbo Tax and for both Fed and State it cost me just over $100. I didn't think that was too bad considering i had to do the schedule C. That program asks a TON of questions. I forgot to deduct my free stuff as expenses, but will remember to next year once I start keeping better records!
 
i cant find my 1099 can some one help me find it?
thanks in advance
 
never mind :) i found it
 
You should be using the Schedule C. (The schedule to report your business activity on a personal return). On that schedule there will be plenty of lines for you to deduct your associated expenses (car mileage, supplies, groceries, kit enhancements etc.)
 
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