TAX TIME

Let's Talk Taxes

Disclaimer: I am not a tax professional so always seek advice from a certified CPA.

Basics:

You are an independent consultant partnering with Scentsy so you will get a 1099 if you make over $600 in a year. Taxes are not pulled from our pay like a W-2 employee so you will want to start saving all of your receipts. You are a BUSINESS OWNER now and with that comes lots of tax benefits and breaks. I highly recommend that you set up a separate bank account for your Scentsy stuff.

Helpful Tax Group on FB

Facebook GroupsU.S. Tax Dollars & Scents has 19,924 members. Tonya created this group as a go to place for U.S. tax questions, advice & resources related to your Scentsy Business. This is not a group for anyone to...

Keep Good Records:

I use a expandable file folder to put all my receipts in. I separate by month to make it easy to log into my excel spreadsheet at the end of each month. You can get these just about anywhere.

What to keep a receipt for. EVERYTHING you buy to run the business. I have a rule of thumb, I ask myself...would I be buying this if it wasn't for my business. If the answer is NO, I keep the receipt.