Re: [Everything doTERRA] tracking business costs

I am holding with everyone getting their own information from their professional accountants.

Pat

On Tuesday, February 12, 2013, Linda Mustric wrote:

I do not believe you can write off your personal oils!  Samples, yes of course, but what you use for yourself does not advance your business.  Yes I know, it gives you the testimonials you need to convince others to purchase, but if we look at other industries and what the IRS allows you will see what I mean.  Nurses can deduct their scrubs.  Bus drivers can deduct their uniforms.  Bankers cannot deduct their suits and ties because suits and ties can be worn on the street.  A landscaper can deduct the landscaping around his/her home because it is advertising.  As a fashion consultant I would love to deduct all my shoes but I don't (I sell women's clothes http://www.myjockeyp2p.com/lindamustric).  I see how you could argue that all of your personal oils are advertising your glowing health, but I would not want to mess with the IRS!  Generally the IRS says you can deduct those expenses that are "ordinary and necessary" for your business.  It is not really necessary for you to have a supply of oils in your kitchen in order for you to run your business.  Here's a link http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses to get you started.  Also, order a copy of Pub. 535(Biz Exp)  and Pub 334 (Tax Guide 4 Small Biz).  Next, call your local H&R Block and make an appointment!  We love doing Schedule C's and are trained to ask the right questions to find all of your legal deductions! (see our twitter campaign #IamHRBlock)

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PAT LEAVITT
FOUNDING DIAMOND CONSULTANT

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