? for Demos re: Tracking Business Expenses vs Personal

[Luv2Stamp&Scrap]

I know there have been quite a few questions lately regarding becoming a demo. I have one more that I'd like to add to the list. I've asked my demo but would also like some feedback from all of you wonderful ladies as well.

I'm just curious how you keep track of what you use for workshops or other business needs versus what you use for personal cards, etc. For example, if you purchase a package of paper and use some of it for workshops and some for personal use, how do you figure what your business expenses are? Also, if you purchase a stamp set that you use for both workshops and personal, do you count that as a business expense or just something you wanted to purchase anyway. I'm just trying to figure out how I would keep track of income versus expenses for tax purposes if I decide to become a demo. My DH does our taxes, so I'd want to help him out as much as I could by being very organized!

[GWTW Junkie]

Every stamping thing I buy does double-duty as both business and personal. I don't separate the two. I have never bought a set that I didn't use or will never use sometime, somewhere, for a class, event or workshop.

If you're the type who just buys whatever flips your lid, then yes I do think to be honest with the government you should separate the two.

But I was a frugal customer and am now a frugal demo, so I don't buy things without thinking first, how could I justify this purchase--can I have a class on this accessory? Have a theme night with this set? etc. It's easy with Stampin' Up because there's always awesome new products which are very easy to build a class around. The demo side of SCS has fabulous ideas on just about every thing you can imagine--no lack of awesome class ideas! And the SU website has complete templates, workshop wizards, etc, which take all the guesswork out of planning events.
HTH

[stampwithdiane]

I guess the question is what do you consider personal use? If you're writing down your grocery list on your SU card stock then I would try to separate the materials used for those types of things. But I don't make a distinction between personal cards and business cards. To me, anything hand stamped that leaves my home is an advertisement for my business. Buy a personalized stamp with your business information on it and stap the back of your cards, even the "personal" cards, and all of a sudden they will no longer just be "personal" cards -- they will be marketing and advertising.

[Luv2Stamp&Scrap]

I hadn't thought of the advertising/marketing aspect to personal cards. That's a good point. Thanks!

[ddstamps]

I take everything as a write off. If I am scrapbooking my kids- I bring them to my workshops to show off, any card I send is marketing my business.

[canben]

I agree. I was about to say "Everything is business since it can all be considered 'advertisement'. If you don't have your name out there and product in peoples hands, how will they know to come to you?" But I see the 2 PPs already said that