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 …

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 …

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 …

Sales Tax tracking tips

Sales Tax Tracking Tips for your handmade business

Tracking sales tax in your handmade business can be a total pain and it could get worse!  On Tuesday 4/17/18 the Supreme Court took up the battle between states and web retailers over the collection and remittance of Sales Tax and this could result in small business owners have to collect and remit Sales Tax …