Tax time 2018, review your records
Taxes

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 …

Choosing a business structure for your handmade business

Choosing a business structure for your handmade biz

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 …

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 …