scentsy_tax_deductions

Self Employed Tax Deductions

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TOP 10 Overlooked Tax Deduction

When running your successful Scentsy Business you should look to be registered as self employed. This can bring in great tax deductions. I have listed a few possibilities below:
  1. Automobile/Travel Expenses
  2. Home Office Supplies
  3. Start Up Costs (supplies and equipment)
  4. Bank/Paypal/Credit Card Fees (Fees that you must pay to do business)
  5. Internet and Phone charges for business
  6. Utilities
  7. Fee for business memberships
  8. Post Office fees
  9. Fees for services you use to run your business
  10. Business Coaching or Mentoring Fees
 
Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.
 

Frequently Asked Questions About Tax

  • How much do you need to earn before paying tax?
Your tax-free Personal Allowance. The standard Personal Allowance is £10,600, which is the amount of income you don’t have to pay tax on. Your Personal Allowance may be bigger if you were born before 6 April 1938 or if you get Blind Person’s Allowance. It’s smaller if your income is over £100,000.
  • What does it mean for something to be tax deductible?
Being tax deductible means that you can deduct the expense (a charitable gift, your mortgage interest, business expenses, etc.) from your income on your taxreturn. If you give £100 to charity, that will not reduce your taxes by £100. It will reduce your taxable income by £100.
  • What does it mean to not be deductible for tax purposes?
deductible expense is one you can subtract from your taxable gross income. Deductible expenses reduce your tax liability. A nondeductible expense, on the other hand, does not impact your tax bill.
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Sarah

I am at Scentsy Director and have been part of the Scentsy family for more than 5 years. I have team all across the world and absolutely love all things Scentsy and the freedom that it gives me to not only create independence and a steady income for myself, but also the way that I work my own hours and never let work come between me and my family. Please contact me today to find out more information of how you can start your own Scentsy journey. Scentsy Family Director Follow Wickfree Scented Warmers on Our Scentsy Blog.

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My Story

I am at Scentsy Director and have been part of the Scentsy family for more than 5 years. I have team all across the world and absolutely love all things Scentsy and the freedom that it gives me to not only create independence and a steady income for myself, but also the way that I work my own hours and never let work come between me and my family. Please contact me today to find out more information of how you can start your own Scentsy journey. Scentsy Family Director Follow Wickfree Scented Warmers on Our Scentsy Blog.