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Taxes and the Independent Distributor

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Article by: Nancy Tobler
April 7, 2015

If you are like me, I am starting to worry about my taxes for 2014. Tax time brings a sense of dread every year. One deduction that independent distributors miss is the business deduction in the gift category. You can give gifts up to $25 per person, per year. You can find out the rules on gifts by going to this link. http://www.irs.gov/publications/p463/ch03.html. If you give a gift that is worth more than 25, you can still deduct the gift. You can only deduct $25 of the cost. At this time of gift giving, if you decide to give product to family or friends, keep track of those gifts.

You can find information on almost every topic by going to the A-Z guide. The link is http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/A-Z-Index-for-Business-G

Other tips can be found on the home business guide. The IRS site has simplified top tips and more in depth information. For example, the 53 page guide for home business provides good information in relatively easy reading format (http://www.irs.gov/pub/irs-pdf/p334.pdf). My favorite section is the deductions that starts on page 30. If it looks like I may need to pay taxes, I like to get my office supplies and computer equipment up to date in December.

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Nancy Tobler

Nancy Tobler has a PhD in communication from the University of Utah. She specializes in research on how organizations change,...

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