Taxes!

[jennk]

I just started selling my fused glass pins, etc. last year and so did not have huge amounts to declare on my tax returns. But, it got me thinking about business deductions and expenses. Does anyone out there have any suggestions as to books or web pages or whatever that would help out with what to deduct, what forms to keep, etc.? I'm completely new at this and would appreciate any guidance.

Thanks.
Jennifer

[Amy Schleif-Mohr]

I would call you State Dept. of Revenue (sp?) They should be very capable of helping you determine what you need to do.

Amy

[Bebe]

Hi Jennifer! A few quick questions - are you selling to stores or at shows? If you are selling at shows, I would strongly suggest not to ignore sending in your quarterly tax forms and sales tax. I did shows for five years in five states and had been wisely advised about this in the beginning. My friend ignored the forms and BOY did she pay BIG later.

Also, it is money well spent to talk with an accountant about how you set up your business (sole proprietorship or corporation) and they can guide you on all of your home deductions and allowable expenses.

And remember - the US govt gives you four years grace period to show a profit. hint hint

Good luck - and sell lots!

[Jack Bowman]

Sit down with an accountant for a half hour or so. I did last year and I'm glad I made the move.

Jack