Tax Deductions

It's that time of year! Make sure you know what's deductible! This is all from Greg & Melissa Terrell...


Show your jewelry and you WILL have CASH FLOW in your business!

Owning your own business and means you have tax deductions!

Take advantage of EVERY tax deduction available to you (see below)!!!

TAX information for MY Premier Designs business!

This is a general guideline only. Check with your accountant before turning in your taxes. By Greg Terrell

EXPENSES (tax write-offs):

  1. “Car” ~ Either keep track of your Mileage or Gas & Car repairs and depreciate the value of the vehicle. I have been told that MILEAGE is usually the best way. You can deduct .51 cents per business mile from Jan. 1 – June 30 & 55.5 Cents per business mile from July 1 – Dec. 31 in 2011. FYI - 55.5 Cents per business mile for2012.

  2. “Legal & Professional Services” ~ Your $395 start up cost and $350 annual renewal fee, $8 Jewelers Share, $3 Bonus Certificates, Exch./ Replacements., Magazines, Give-a-ways, $25 Kit Warranty, Pro-Pay fees, The Computer Program, gifts, business insurance (if applicable), writing off your part of home (see your accountant to see if this is an option), etc…

 3. “Office Expenses” ~  For your Premier Designs office expenses.

 4. “Supplies” ~  Non-commission items and Business related expenses.

5. “Travel Expenses”  ~  Any Hotel, Airplane or Rent car expenses when you do a jewelry show, travel to another city or go somewhere with the intent to make a profit. “Tolls” also.

6. “Meals” & “Entertainment” ~  Meals with Prospects and Downline.

7. Under “Other Expenses” … you will list the next four: * “Postage”

• “Samples”  ~  Any Samples … including your $750 “Gold” or $475 “Silver” Package

• “Bank Charges”  ~  Checking and Credit Card

• “Telephone Charges”  ~ For a 2nd line phone at home, Long Distance calls to prospects or downline and possibly your Cell Phone.

Your PROFIT comes from your "RETAIL SALES" minus (-) your "CV" (the Wholesale cost), minus your expenses (above) plus any COMMISSION CHECKS (you get a 1099 ONLY from your commission checks)  you receive from Premier Designs, Inc.!

* By setting up these files in this (1-7 plus ‘other expenses’ above) order, all you have to do is add up what’s in these files and put these figures on your ‘Form 1040 Schedule C’ when you do your taxes!  

***** Words of advice: DO NOT just throw receipts in a ‘box’ (smile) or try to organize your files by the month, like ‘Jan., Feb., March, etc...’ Again, DO NOT DO THIS! This should SIMPLIFY and ORGANIZE YOUR LIFE immensely! Really!!