Tax Tips and Advice for Craft Business Owners

One thing is certain at the beginning of a new year: Small business owners have to file taxes. Lately, I’ve been bombarded with questions about taxes, tax prep, and incorporating your business. Let’s take a look back on the tax resources I’ve shared with you in the past.

Probably the most asked question I’ve gotten lately is: “Do I have to report the income in my Silhouette or Cricut business?” Most likely, the answer is yes. There’s no “magic” number for what amount of income you should report – and the IRS is pretty clear on when you are an official business. Read more in this post:

Next, if you work for yourself in the US, but prepared for self employment tax:

Best thing about filing taxes? Tax deductions! Read on:

If your head is spinning from information overload, grab my printable tax prep checklist in this post:Wondering about a 1099 from Etsy (or other marketplaces)? Find out if you’ll get one:

While I’ve been highlighting posts about Federal taxes, don’t forget you’ll also be responsible for sales tax in many states. But, what is sales tax? Find out in the next post: Too busy to be bogged down with filing sales tax? I use a service to file automatically. Here’s my review:Last, but not least, when it comes to tax preparations – deadlines are deadlines. Use your Silhouette Cameo or Portrait to whip up some tax reminder stickers.

If you are realizing that you need to be better prepared for next year’s taxes, grab my free printable small business planner and keep yourself on track all year long.