Helping handmade & creative business owners learn to handle their bookkeeping with confidence!
As TAX time quickly approaches, I’m betting most of us wish we had a bookkeeping fairy to turn to for advice (or one that could simply work her magic and our books would be done). Unfortunately, there is no such thing as a bookkeeping fairy – but I can offer up some advice. Unfortunately, there …
Getting the bookkeeping for your creative biz under control should be a high priority for every handmade business owner. If you are serious about running a creative or handmade biz you need to be serious about doing your bookkeeping. Over the next few week, I’ll be giving you some tips to help you turn over …
Tax time is almost here in the U.S. and that means it’s time to review your bookkeeping records and reports. For some of us, it may actually mean several days of grueling data entry. Either way, once the data is entered, you need to carefully review your reports for accuracy. For most of us here …
Bookkeeping mistakes happen – I get it – they happen to the best of us. But sometimes bookkeeping mistakes happen because of something we read on the internet written by people who mean well. I want to warn you: Not everyone out there is qualified to give you bookkeeping advice! AND, not everything you read …
A physical year-end inventory is an absolute MUST for every creative or handmade business owner. Let me start by saying that inventory is an animal all of it’s own. Inventory, just like any animal, needs constant attention. EVERY creative or handmade biz that has inventory MUST: do a physical inventory when you decide to start …
Choosing a business structure for your handmade (creative) biz is one of the first things you should do. You should also keep in mind that the legal structure you choose impacts everything – and I do mean EVERYTHING! You will need to research the different types of business structures that there are (I’ll give you …
There are so many different ways of keeping track of your business receipts and keep the paperwork organized for your handmade business, here are a few tips that I find most helpful. We purchase something in a store and we’re asked “Would you like a receipt?” from the person checking us out. Unfortunately, we hear …
Two use tax tracking tips for your handmade business – one using QuickBooks and the other using spreadsheets. Last week we talked about the difference between Sales & Use tax and how it’s your responsibility to keep track of the amount of Use tax that you owe the tax department when you file your Sales & Use …
Use tax is a type of sales tax on purchases made from another state for items that would be taxable if you bought them locally. Use tax is also sort of like the evil twin of Sales tax, BUT each of these taxes work differently. So, let’s backtrack for a second….. As a legitimate handmade business, …
Self-employment taxes are your responsibility when you have a handmade business. When you are self-employed, you are responsible for paying your own Federal Income Tax, State Income Tax, Self-employment tax (Social Security and Medicare), and perhaps even additional city or local taxes. You don’t have a choice and you can’t choose when you start contributing …
Productivity is a challenge for handmade business owners! And I’m inviting you to join our Productivity Challenge in our Facebook group! Every Monday in our Facebook group the theme is Manage “IT” Monday, now the “IT” is whatever task or tasks you have that have been sitting on your back burner that you’ve been ignoring for …
Sales tax laws are changing quickly – and as a handmade business owner you need to know the rules about economic nexus and be prepared! You may have heard or read about South Dakota vs. Wayfair, Inc. and sort of just dismissed it for any number of reasons – but it is a really big deal. Under this …