Will Selling Pampered Chef Affect My Taxes as a Consultant?

[chefann]

We only get "Deluxe", not the small business version, and we haven't had a problem with it.

 

[lisacb77]

Whew, Ann you are my hero today! I was all worried I'd have to bother to exchange, and the rebate time is already past, so I would lose out on my $10 back. Thank you thank you thank you!

 

[gilliandanielle]

I bought the $20 version of Tax Cut and it worked fine... we don't have state taxes though so I didn't need the $40 one...

 

[JackieBozeman]

I went on the IRS website--www.irs.gov---and printed out Publications 334, Tax Guide for Small Business; and 463, Travel, Entertainment, Gift and Car Expenses. These should give you all the information you need about filing your Schedule C and SE.

 

[Cookingfool]

What would our Business Code be????

 

[Countrykitchenmichelle]

Maybe I'm thinking too hard, but can we or do we need to write off the $2 insurance.
Because the totals on our 1099 add up to our income after they took the insurance, sort of like pre-tax.

So the $2 they took out we're not claiming as income, so if we wrote it off, it's like we're writing it off twice right????


I'll have more questions tomorrow when my head is clear, I'm going to need info on Tax Cut.
I was able to put in my income, but not the expenses and where do I write off my bonuses. So I need to find where to put my write offs......

my homework for tomorrow

 

[jasonmva]

What would our Business Code be????

I just used the default of 999999 (I think it is 7 digits). I could find anything that related to us. Is it not going to affect anything anyway - the IRS just likes to see what type of small businesses are being started.

 

[jasonmva]

Maybe I'm thinking too hard, but can we or do we need to write off the $2 insurance.
Because the totals on our 1099 add up to our income after they took the insurance, sort of like pre-tax.

So the $2 they took out we're not claiming as income, so if we wrote it off, it's like we're writing it off twice right????


I'll have more questions tomorrow when my head is clear, I'm going to need info on Tax Cut.
I was able to put in my income, but not the expenses and where do I write off my bonuses. So I need to find where to put my write offs......

my homework for tomorrow

The $2 is a deduction.

 

[Countrykitchenmichelle]

What would our Business Code be????

My software has our business code as 454390

 

[DebbieSAChef]

TurbotaxqWe use turbotax each year and we always get a nice return. Now that we have bought a house, we get even more tax breaks and deductions. Plus we have four kids and one on the way!!! I love child credit on taxes!!
I was able to write off about $600 on PC related expenses. This year I will save receipts and do a better job. Although I was impressed with the PP expense report for the year! I love it!

Debbie