Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) by Susan McCarthy, GOLD IPC
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1 Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) by Susan McCarthy, GOLD IPC 1
2 Getting Started Separate Business from Personal Set up a Filing System Set up your Business Bookkeeping Set up a Dedicated Home Office Area Set up a Daily Planner/Calendar Keep ALL your Business Receipts Record all Business Miles Traveled in Car 2
3 Filing System How long does it take to FILE papers into the system? How long does it take to find or RETRIEVE documents in the system? How much time is spent MAINTAINING, cleaning out and reviewing files? 3
4 Why is tax time always crunch time? IRS requires proof Deadlines for filing Penalties for late filing You owe money to the IRS Tax laws are complex No limits for audit if fraud 4
5 Choose Tax categories that help you prepare your taxes quickly W2, 1098, 1099, K-1, Gain/Loss Summaries, Deductible Receipts Income from sale of home or property Itemized deductions Year-end statements (brokerage, mortgage, etc) Bank and credit card statements (used for taxes) Schedule C categories for self-employed Unreimbursed Employee Expenses 5
6 Accounting or spreadsheet software Your method of filing may be influenced by the software you use like Quickbooks or Excel Spreadsheets Methods for filing transactions Chart of Accounts (tax categories) Monthly (all transactions filed by date paid) A to Z by Vendor 6
7 Comparing Date and Category Systems for Tax Records Date Advantages Quick to file May use less files Date Disadvantages May take longer to find Category Advantages Cluster related Easy to find Category Disadvantages May take longer to file 7
8 Organize Tax Related To set up self purging rotating files for tax related documents, use the Odd Year, Even Year labels. Reuse each tax folder every two years. Date or Category (or both) FreedomFiler 8
9 FreedomFiler s Color Guide FreedomFiler s pre-printed labels use colors to designate document retention ACTIVE RESOURCE 9
10 Business Filing System Reference Permanent: Vital company historical records: corporate minutes, Press PR, property, patents, investments, trademarks, personnel records Remove/Replace: Policies, contracts, agreements, leases, business license Resource: Marketing, Competition, Product Research, Trade Show Lit, Articles/clippings, brochures, interests, library reference 10
11 for 15% Discount off Retail 11
12 IRS Forms, Instructions & Publications Forms & Pubs FIND Schedule C or C-EZ Profit or Loss from Business Schedule SE Self-Employment Tax 1040-ES Estimated Tax for Individuals Form 8829 Exp for Bus Use of Your Home Pub 334 Tax Guide for Small Business Pub 535 Business Expenses Pub 463 Travel, Entertainment, Gift and Car Exp Pub 946 How to Depreciate Property 12
13 Part 1 Income Gross Receipts or Sales 1099-MISC Wholesale and Retail Sales Inventory and Cost of Goods Sold Beg Inventory Add Purchases less returns, trade, and personal use items Add Materials & Supplies Subtotal Ending Inventory (Year end count x cost) Cost of Goods Sold (Subtract Subtotal from End Inventory) 13
14 Part II Expenses Home Office Car and Truck Expenses Assets with useful life beyond one year Travel, Entertainment & Meals Self Employed Health Insurance 14
15 Home Office Expenses Form 8829 filed with Schedule C Requirements Exclusive Regular Principal place of business Direct and Indirect Expenses Mortgage Interest, Real Estate Taxes, Casualty Loss Utilities, Insurance, HOA, Repairs/Maintenance Depreciation 15
16 Car and Truck Expenses Standard Mileage Rate 55.5 cents per mile Must choose in first year Log Date, Start-End Odometer, Business Destination and Reason Cannot deduct personal commuting mileage Parking fee and tolls business related 16
17 Car and Truck Expenses Actual Expense Choose Actual in first year, must stay Actual Keep all receipts Gas, Insurance, License, Oil, Registration, Repairs, Tires, Garage Rent, Parking & Tolls, Lease Payments or Depreciation Divide expenses between business and personal use. 17
18 Assets with useful life beyond one year Depreciation Allowance Personal Property Furniture, Computers, Printers, Phones, Car Real Property Residential or Commercial Buildings Repairs and Improvements that increase life/value Amortization Allowance Intangible assets Patents, copyrights File Form
19 Assets with useful life beyond one year Depreciation is calculated on adjusted basis which in most cases is the cost of the property MACRS (Modified Accelerated Cost Recovery System Various Classes of Assets with recovery periods Section 179 Deduction and Bonus Depreciation Tangible Personal Property up to $500,000 Sec 179 Qualified Taxable Income Limit and Taxpayer Must Elect 19
20 Travel, Entertainment & Meals Travel away from Tax Home on business for longer than an ordinary day s work. Generally, your tax home is your regular place of business, regardless of where you maintain your family home. It includes the entire city or general area in which your business is located. Cost of transportation between your tax home and your business destination. 20
21 Travel, Entertainment & Meals 50% cost of Meals is deductible Standard Meal Allowance $46 per day Entertainment ordinary and necessary and directly related to conduct of business or associated with the active conduct of business 21
22 Self Employed Health Insurance Deduct from from Gross Income on Form 1040 Taxpayer has no other health coverage Only one source of self-employment income Limited to Net Earnings of Business 22
23 Other Expenses Worth Mentioning Must have one phone dedicated personal or must keep logs for personal and business Fair Market Value of Assets converted to business use Contract Labor over $600 file 1099-MISC Donations to Business Organizations Subscriptions to trade or professional pubs Training and Education 23
24 Expenses NOT Deductible Penalties and fines (traffic tickets) Political Contributions Charitable Contributions Raffle Tickets Bribes and Kickbacks Dues to business, social, athletic, sporting, airlines and hotel clubs Repairs that add value or increase life of asset Personal expenses 24
25 Business Net Operating Losses Can offset other income on 1040 Can carry forward to another year Will limit Home Office Deductions 25
26 Home Business Tax Savings MADE EASY 6 th Edition for $37.95 (Ebook $27.95) Maximum Home-Business Tax Savings $167 PRINTED AND BOUND 6th EDITION 6-CD AUDIO VERSION Unlimited Q&As for the NEXT 30 DAYS LIFETIME UPDATES to changes in Home-Business Tax Law 21 SPECIAL REPORTS Free Trial Certified Tax Advantage Recordkeeping System Free Trial Tax Savings Secrets Club 26
27 Order FreedomFiler Deluxe Edition $32.95 Premium Set $42.95 Order thru AskFreedomFilerExpert and get a 15% Discount off Retail Free previously recorded teleclasses to get organized and learn how to use FreedomFiler Contact me at info@askfreedomfilerexpert.com 27
28 Thank YOU for attending Reno Diamond Day Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) Go to for copy of slides by Susan McCarthy, GOLD IPC 28
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