Tax Tips and Advice for Craft Business Owners

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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:Do You Have a Hobby or a Business - An must read for Silhouette or Cricut business owners - by cuttingforbusiness.com

Next, if you work for yourself in the US, but prepared for self employment tax:Tax Overview for Silhouette & Cricut Business Owners - by cuttingforbusiness.com

Best thing about filing taxes? Tax deductions! Read on: Tax deductions in your Silhouette or Cricut Home Craft Business - by cuttingforbusiness.com

If your head is spinning from information overload, grab my printable tax prep checklist in this post:Printable tax prep checklist for Silhouette & Cricut small businesses - by cuttingforbusiness.comWondering about a 1099 from Etsy (or other marketplaces)? Find out if you’ll get one: Will I get a 1099 from Etsy? Find out if you meet the criteria. By cuttingforbusiness.com

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:What is Sales Tax? A must read guide for Silhouette and Cricut small business owners - by cuttingforbusiness.com Too busy to be bogged down with filing sales tax? I use a service to file automatically. Here’s my review:Review: TaxJar Sales Tax Filing Service - A great resource for Silhouette Cameo or Cricut Explore or Maker craft businesses - by cuttingforbusiness.comLast, 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. Print and Cut Tax Reminder Stickers for Silhouette Portrait or Cameo - by cuttingforbusiness.com

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.Free Printable Craft Business Planner for Silhouette Portrait, Cameo, Curio, Mint, Cricut Explore, or Maker crafters - cuttingforbusiness.com

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Tax tips and advice for your Silhouette Portrait or Cameo and Cricut Explore or Maker small business - by cuttingforbusiness.com

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