You do not need an LLC to take advantage of the tax benefits of running this as a business. How you file your business income and deductions will differ from state to state and I would recommend a quick conversation with whoever does your taxes (it shouldn't cost you anything) as to how to keep records and what to file. Mostly what you will end up doing is keeping track of any expenses and mileage that is business related and those deductions will go into your taxes at the end of the year along with the income. I have run my own small business in the service industry for the last 6 years and have a firm grasp of accounting and I will not touch the business taxes. It really pays to have someone else do them, trust me. The laws and rules change every year and it would be terribly time consuming to keep up with all of that yourself. Hope this helps!
On Thursday, August 30, 2012 10:42:59 AM UTC-7, SP wrote:
My wife and I are just starting out our doTERRA IPC business and wanted to find out what we need to do to use it as a tax write off. Do we need to register it as an LLC or anything special to take advantage of the tax benefits?--This is our first venture with setting up a business, and don't know much about the legalities. We do have a CPA we can contact, but thought we might get some "Free" advice here first! :)Thanks in advanced!
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