Thank you so much for your professional advice, I am sure it helped a lot of us on this forum.
Pat
On Thu, Aug 30, 2012 at 9:37 PM, Linda Mustric <jockeyclothes@gmail.com> wrote:
Hi, I work at H&R Block and we love to help people with their Schedule C's! A Schedule C is your 'Profit or Loss from Business" form that is used by any sole proprietor. You don't need to have a special tax id (EIN) you can use your SSN. This form is just another form that flows to your 1040. Basically the IRS says you can deduct any expenses that are "ordinary and necessary". Their publication 334 states: "You can deduct the costs of operating your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary." So set up a place to hold all of your receipts. Write things down in a calendar (meetings) so you can deduct the mileage. You've got to have a paper trail in case the IRS ever questions (examines or audits) your return. And keep your tax returns (and supporting documents) for at least 10 years! Good luck, and give your local H&R Block a try.
On Thursday, August 30, 2012 1:42:59 PM UTC-4, SP wrote:My wife and I are just starting out our doTERRA IPC business and wanted to find out what we need to do to use it as a tax write off. Do we need to register it as an LLC or anything special to take advantage of the tax benefits?--This is our first venture with setting up a business, and don't know much about the legalities. We do have a CPA we can contact, but thought we might get some "Free" advice here first! :)Thanks in advanced!
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PAT LEAVITT
FOUNDING DIAMOND CONSULTANT
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