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View Full Version : Question about income taxes.
cinnamonmomof3
04-04-2006, 09:05 AM
Hi I have a question from a gal that I don't know how to answer.
"If I just sell to my friends and family and let the company take care of the state tax, would I end up having to claim anything on my taxes at the end of the year? (That would only happen if I received residual checks, is that correct?) I guess I'd like to know what my "requirements" to the government would be...."
What do I tell her?
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"If I just sell to my friends and family and let the company take care of the state tax, would I end up having to claim anything on my taxes at the end of the year? (That would only happen if I received residual checks, is that correct?) I guess I'd like to know what my "requirements" to the government would be...."
What do I tell her?
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SandyMilton
04-04-2006, 03:10 PM
If you make a profit on face to face retail sales, that is "income" as well, even though it's not part of the residual payment. I don't know how much profit you should make before you need to claim it though, that's a question for an accountant.
cinnamonmomof3
04-04-2006, 03:58 PM
Thanks Sandy, I guess what I need to know is,does the company send us anything that we need to file our taxes? Like a report of what we have ordered that year? (I don't remeber what is called I want to say a 1099 but I don't know if that is right?)
Lori Moreno
04-04-2006, 04:24 PM
Hi Cinnamon!smileys/smiley4.gif
Yes, we do receive a 1099 that shows our incomesmileys/smiley32.gif as independent contractors.
With respect to tax questions, look on our Team Yahoo Groups and in our Mia Bella back office under Downloadable Documents. I also tell people to check with their accountants/CPAs and their local state tax rules if they have tax concerns.
Lori Morenosmileys/smiley31.gif
Yes, we do receive a 1099 that shows our incomesmileys/smiley32.gif as independent contractors.
With respect to tax questions, look on our Team Yahoo Groups and in our Mia Bella back office under Downloadable Documents. I also tell people to check with their accountants/CPAs and their local state tax rules if they have tax concerns.
Lori Morenosmileys/smiley31.gif
Rudie0730
04-04-2006, 04:29 PM
Don't we need to keep our own sales records and the 1099 is for residual income?
Ruthsmileys/smiley5.gif
Ruthsmileys/smiley5.gif
SandyMilton
04-04-2006, 04:42 PM
That is correct Ruth :)
Rudie0730
04-04-2006, 04:44 PM
Thanx again Sandy. I don't know what I'd do without yousmileys/smiley4.gif
Ruth
Ruth
SandyMilton
04-04-2006, 06:44 PM
LOL You would do perfectly fine! We are lucky to have you here with us!
Rudie0730
04-05-2006, 06:58 PM
Oh Thanxsmileys/smiley9.gif
