Stampin’ Up! Demonstrators: Get ready for taxes Part 3 of 6

Written by Tania Kronberg (co-creator of Stampers Profit Pal)

This week – we'll be continuing the steps to organize your finances and get ready for tax time with your stampin up business. Congrats to all of you who completed Part 1 & 2!!

This week we will tackle expenses that you have through Stampin' Up!

Step 1: As a demonstrator, everything you buy from Stampin' Up! can be considered an expense to the business. If you always use your name whenever you buy Stampin' Up products, you can use the customer manager to run a report per month of your spending (Print these and add them to your file folders per month). If you're like me and sometimes just add a few things you'll need manually add up your total and get a number each month (Write down the dates and amounts on a piece of paper and file them per month). I enter the total as if I was a customer paying for the product on the direct expenses tab of 'Stampers Profit Pal in the 'Personal product orders' field. Optionally, I can enter an amount for non commissionable supplies (for catalogues, and other business supplies). Repeat entering this number for each month of the year.

Step 2: If you gave any discounts or products to customers or demonstrators, enter the amount that it was worth into the correct Customer & Demonstrator Incentive fields in Stampers Profit Pal by month. Make sure you write down what, and to whom it was given on a piece of paper and include that in your file folders for each month.

Step 3: If you pay for DBWS, enter the expense in the correct fields per month. Print the receipt from of stampin' up or simply make up your own paper and add that to the file folder for each month.

That's it! Next week we'll tackle your shoebox full of other direct expenses.

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