We cover bookkeeping, tax and accounting issues for makers.
bookkeeping tax
Wondering if your handmade business is considered a hobby or a business? This article will explain the finer details from a tax perspective.
The Tax Cuts and Jobs Act was just signed into law by President Trump - what does this mean for small handmade sellers?
If you are sole trader that makes your own products then Quickbooks Self Employed (SE) is most likely not your best option - we discuss why.
This article discusses how shipping label costs from your Etsy sales can be claimed on your tax return.
If you are just starting your craft business and need some advice, or need some guidance on what to do next in order to grow your handmade business further then definitely consider arranging a mentor meeting with SCORE.
Etsy doesn't provide many financial reports for sales and orders, so the most popular option is to generate a CSV export of your data and then use this to filter and sort to obtain the tallies you are after in a spreadsheet.
If you store your inventory and product samples at home in a dedicated location, you should be eligible to claim for business use of this space without needing to meet the usual "exclusive use" test.
Around the end of January, some handmade sellers will receive a form in the post called the 1099-K. In this post, we explain what this form is about, what you'll need to do with it and what to do if you don't receive one.
Unfortunately, Etsy doesn't currently provide a easy way of obtaining your financial sales information for tax time. We show you an easier way!
As a maker, one of the first things to realise is that you are not just a retailer of your goods - you are also a manufacturer of them. Why does this matter? Well for starters, it changes everything about the way you need to report your end of year revenue and expenses to the IRS.
Why generic bookkeeping packages not built for handmade sellers are typically not the right choice for craft sellers.
We discuss the advantages and disadvantages of each inventory valuation method, showing you the best one to use for your manufacturing business situation.
We show you why it's important to know the difference between your indirect and direct expenses when running a craft business.
For handmade businesses, it's important to know the difference between accrual and cash based and how it impacts on your bookkeeping.
There are many tax expenses involved in running your own professional craft handmade business - we guide you though some of the most common ones.
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