Handmade Business Expenses Must Be Both Ordinary and Necessary
Handmade business expenses MUST BE BOTH ordinary and necessary, according to the IRS in Publication 535 – Business Expenses and Publication 334 – Tax Guide for Small Business, in order to be deductible on your Schedule C Tax Return. But what the heck does ordinary and necessary even mean? I’ll explain in this post.
Use PayPal? Sell on Etsy? Say hello to the 1099-K
Do you use PayPal? Sell on Etsy? If you do, say hello to the 1099-K! There are big changes ahead because the IRS and State governments don’t want you to forget about their share of your sales. All you handmade, creative, and craft business owners who: sell finished items, digital patterns, or services on places …
How To Track Finished Items Inventory for Makers-Without a Spreadsheet Meltdown
Finished items inventory isn’t just what’s sitting on your shelves—it’s money tied up in your handmade business. In this post, you’ll learn how to track finished items inventory using a simple spreadsheet system, what actually needs tracking, and how to avoid the spreadsheet overwhelm that trips up so many makers.
End tax time panic, update your bookkeeping all year
Want to end tax time panic? It’s simple, update your bookkeeping weekly all year long. Tax time comes but once a year. So many handmade business owner scramble to do months worth of bookkeeping tasks to “hurry up” and get ready for tax time, in a relatively short amount of time – hating every second …