What's your Owner's Equity? For sole proprietors (and single member LLC’s), equity is your contributions of cash and property into your business MINUS any withdrawals or money you take out of your business.
Finances

5 Things your Balance Sheet would tell you, if it could talk

Understanding 5 things your balance sheet would tell you if it could talk about your business is important for your success. You don’t have to be an accountant or super great with numbers to create one.  If you have accounting software, it’s prepared and updated automatically as you enter your daily information.  It just doesn’t …

Sales Tax is totally overwhelming and often confusing for handmade and/or creative business owner.  And it's little wonder -   few understand (or even want to think about) the impact that the Supreme Court ruling that went into effect June 21, 2018 had on every business that sells on the internet. Here's the DIRTY lowdown on Sales Tax and it's impact on your creative biz.
Taxes

Sales Tax-The DIRTY lowdown

Sales Tax-the DIRTY lowdown of how it impacts your handmade or creative business. Sales Tax is totally overwhelming and often confusing for handmade and/or creative business owners.  And it’s little wonder –   few understand (or even want to think about) the impact that the Supreme Court ruling that went into effect June 21, 2018 had …

A budget is telling your money where to go instead of wondering where it went.

Why you need a budget for your handmade or creative biz

Do you have a budget for your handmade or creative biz? Ya, I know, that’s kind of a personal question isn’t it?  Sorry if it’s a little too personal – but here’s why I’m asking……… We’re half way into the year {YIKES!} Are you on track to meet your goals? Are you hitting your financial …

CPA, tax professional, business advisor, accountant, bookkeeper

Tax Preparers, Business Advisors, Accountants & Bookkeepers

Tax preparer, business advisor, accountants and bookkeepers are all terms that you’ll hear in the business world.  These terms are quite confusing to any business owner – not just a creative or handmade business owner.  In this article I’ll provide you with information about each of these professionals and what they do. The term “Tax …

Tax time 2018, review your records

Tax time, review your bookkeeping records

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 …

2 methods for tracking use tax in your handmade business
Taxes

Use tax tracking tips for your handmade business

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 …

The difference between sales and use tax
Taxes

The Difference Between Sales & Use Tax in your handmade business

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, …

set aside your self-employment taxes
Taxes

Self-employment taxes & your 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 …

Join our productivity challenge

Join us for a Productivity Challenge!

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, Economic Nexus & your handmade business
Taxes

Sales Tax, Economic Nexus & Your handmade business

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 …

Sales Tax can now be required to be collected for each state
Taxes

Sales Tax, the Supreme Court Decision & your handmade business

Sales Tax tracking could (and probably will) get way more complicated for your handmade business.  On Thursday June 21, 2018 the Supreme Court passed a law in which every state who has not already done so may now pass laws requiring all online retailers to collect sales tax and remit it to the state where the customer …

Email Etiquette - Be Concise & Professional

Email Etiquette – Be Concise & Professional

Another important aspect of email etiquette is to be concise and professional. Stop and think about a paper document, where it is absolutely essential to make everything completely clear, because your audience will not have a chance to ask for clarification.  With email, text and even Facebook posts, your recipient can ask questions immediately.  Like …