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!
In response to you asking how to write off the oils you USE in the business side...they are just another expense like paper, toner, pens, etc.
If you have one room you can set up to do all of your doTERRA business out of you can deduct the sq footage of that room in comparison to your total sq footage and write that off for expenses as well. You just cannot have a bed set up in there like a guest room or using a bedroom to do your work. I'm not clear if i said the sq footage correctly...Say your house payment and taxes per month add up to $1,000 and the room you use exclusively for doTERRA work is 1/5th of the square footage, you write off 1/5th of house payment, taxes, electric,gas, all that type of thing.
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