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Wife is involved in a MLM program, tax implications?
Posted on 4/27/15 at 3:38 pm
Posted on 4/27/15 at 3:38 pm
Long story short, wife is selling some items. I didn't expect her to stick with it or for it to work out but she's been making a few hundred bucks a month. So far we have been just treating expenses and profits as normal income, etc
Is there anything she should be doing to keep things separate, itemized, etc.
I don't have any personal business experience. I am just assuming she will receive a 1099 at the end of the year and we will pay tax on all of her income from the program but wondering if there is anything else we should plan for.
Is there anything she should be doing to keep things separate, itemized, etc.
I don't have any personal business experience. I am just assuming she will receive a 1099 at the end of the year and we will pay tax on all of her income from the program but wondering if there is anything else we should plan for.
4
Posted on 4/27/15 at 10:48 pm to Croacka
Good luck on the lost friends and family with this ordeal.
Posted on 4/28/15 at 7:09 am to Croacka
quote:my wife is too. She is a stay at home mom and it gives her something to do.
Wife is involved in a MLM program
quote:
Is there anything she should be doing to keep things separate, itemized, etc.
my wife opened a checking account just for her "business". She'll keep all of her expenses there.
Posted on 4/28/15 at 9:12 am to Croacka
quote:
I am just assuming she will receive a 1099 at the end of the year and we will pay tax on all of her income from the program but wondering if there is anything else we should plan for.
She may have to issue Forms 1099-Misc to people she pays for services.
Posted on 4/28/15 at 9:22 am to Croacka
Get her to set up a free or very inexpensive checking account just for this activity. Have her commission checks deposited into it, and expenses paid out of it.
Tell her to keep track of every dime in expenses she has.
Tell her to keep track of mileage driving to make deliveries, go to parties, etc.
Tell her to keep track of every dime in expenses she has.
Tell her to keep track of mileage driving to make deliveries, go to parties, etc.
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