It’s tax time so thought I would Share some Tax tips!
Hopefully this will help you to prepare for tax season if you became an It Works Distributor this year or you will become one so that you can start thinking about next year’s taxes now!
It Works Global 1099 misc Tax Forms will be mailed to you if you earned $600 or more in Commission from It Works Global. Your income will consist of monthly commissions you receive on the 15th of each month and weekly bonuses (1099 misc) as well as party cash from wrap parties and personal home based sales.
Now on to the good stuff. If you have not filed a business status with your state, for example, S Corp, C Corp, LLC, Sole Proprietor, etc., you are considered and Individual. This simply means that you will file a form 1040 as usual along with a form Schedule C. For those of you who prepare your own taxes, using an online tax software of some kind, you will be asked for a Business Code. The code that will work for the type of business we do with It Works Global is 812190 or 812990. Both of these codes fall under Personal Services which include diet and weight reducing centers.
Some typical things that are tax deductible as an It Works Global Independent Distributor include:
Advertising: Google Ads, Facebook Ads, Blitz cards, Car Magnets, Banner, Website, etc.
Car Expenses: Mileage (going to and from wrap party or expos) or Gas, Repairs, Oil changes, Tolls, Parking fees, etc. You can only choose one or the other to use a a deductible. However, most tax software is created to choose the best option for you.
Travel Expenses: Conferences, Bootcamps, Hotel, rental cars
Meals: Any food bought during travel, for entertainment or while working.
Utilities: Cell phone, internet, portions of your home expenses if this is where you conduct your business. These expenses include your utilities. To calculate the portion of expenses that can be used, you must know the total square footage of your home and the total square footage of the space that you use consistently to operate your It Works business. For example, if my home is 1000 sqft and my home office is 10×10 which is 100sqft, then I am only able to deduct 10% of my utilities for business purposes. Don’t be confused, most tax software will do the calculations for you.
Supplies: Party Pads, brochures, catalogs, saran wrap, scissors, ultimate body applicators, facials, greens, fat fighters,profit, etc. Your deductible supplies will consist of anything that you uses to keep your business functioning on a regular basis.
I hope this helps everyone. Remember to consult with your tax professional, accountant, or with the IRS.
Contact me if you would like to become a Distributor or go here for more info:
http://getfirmandthin.myitworks.com/crazywrap/Wrapreneur/
Get Firm and Thin 
How do you go about auto shipments due to we have to have that set up to get paid?
You would have to have an autoship to stay commission qualified if your sales are under 400BV
Reblogged this on Confidence and Crossroads and commented:
Re-posting to have for later…..just became an It Works Distributor…..