Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
Taxes are part of owning a handmade or creative business – there’s no way of getting around it, especially if you want to be a legitimate business. Learn about various taxes and how to comply with tax laws.
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 …
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 …
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. You don’t have a choice and you can’t choose when you start contributing or paying these types of self-employment taxes. Tax payments are a major part of running your handmade business – you have the Sales Tax payments to the State that you need …
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 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 …
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 …