Each Guide is responsible for paying local, state and federal taxes on any income generated as an Independent Guide. If a Guide’s Well & Company business is tax exempt, the Federal tax identification number must be provided to Well & Company. Every year, Well & Company will provide an IRS Form 1099 MISC (Non-employee Compensation) earnings statement to each U.S. resident who: 1) Had earnings of over $600 in the previous calendar year; or 2) Made purchases intended for resale during the previous calendar year in excess of $5,000.
You may call the IRS at (800) 829-1040 and request several helpful pamphlets at no cost.
- Direct Sellers, No. 911
- Travel, Entertainment, Gift, and Car Expenses, No. 463
- Self Employment Tax, No. 533
- Business Expenses, No. 535
- Business Use of Your Home, No. 587
- Business Use of a Car, No. 917.
- Form 4562 is used if you buy equipment (like a computer or a printer) that costs more than $150
Sole Proprietorship – Small Business Tax Kit (also free). This kit includes copies of, and instructions for, all of the federal tax forms you need. Call to request this at the end of the year.
Don’t forget, if your state has income tax, you will also need to file state tax forms.
Well & Company cannot provide Guides with any personal tax advice. Guides should consult with their own tax accountant, tax attorney, or other tax professional.