Evelyn
On Monday, October 8, 2012 12:47:54 AM UTC+2, Pat Leavitt wrote:
As long as you are using your oils for sampling and smelling they are deductible.--
PatOn Sun, Oct 7, 2012 at 4:45 PM, Rebecca Farvour <ichoo...@gmail.com> wrote:
That's what I've been told as well... Love this topic everyone, I am such a novice at the business part (especially! ;-).Becky--
On Sunday, October 7, 2012 11:26:10 AM UTC-7, Charly Risenmay wrote:My understanding from multiple sources is that your LRP is deductible as it is the cost of doing business.CharlyMy initial thought would be NO to expensing the LRP. This is a payment you are making for a product that you are receiving and using yourself. If you could deduct it, then we would all be buying a whole lot more each month!
On Sunday, October 7, 2012 1:48:44 AM UTC-4, gin wrote:--One statement that I have heard several times is that you can write off the $100 LRP every month because you are required to make it to be paid commissions.
Thoughts?
gin
On 10/6/2012 5:34 AM, Linda Mustric wrote:
The IRS lets you "write off" any expenses that are "ordinary and necessary" for conducting your business. For instance, just because you may hand out some business cards while you're on a Mediterranean cruise, the airfare and cruise costs would NOT be deductible! But if you are going out of state for business purposes, in order to do a class and enroll more consultants, than those costs would be deductible on your Schedule C. Of course if you are visiting a friend then you may need to pro-rate your expenses based on the amount of time you spend on business and the amount you spend having fun.
You mentioned that you "haven't claimed any doTERRA expenses...yet" which makes me think you joined late last year and just didn't bother deducting your first kit. Expenses must be deducted in the same year that they are paid. You can't lump two years together on one tax return. Just an FYI. I recommend reading Pub. 334 Tax Guide for Small Business from irs.gov. Even if you don't understand a lot of it, just skimming through it will give you an idea of what to take to your tax professional in the spring. And I highly recommend finding the nearest H&R Block to help you prepare your tax return. We are trained to ask the questions to get you the best refund or the lowest balance due!!
On Friday, October 5, 2012 1:27:48 PM UTC-4, dzdoterra wrote:I haven't claimed any doTERRA expenses on my taxes yet...will do so this year, so I need help with a question.--I am thinking of traveling to another state to do a class and enroll some new peeps!I will be traveling my air and staying with the hostess. How much of the airfare is a tax write off?
thanks!Denise
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PAT LEAVITT
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