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With the beginning of a new year, there’s one thing that starts looming: Filing taxes. Don’t worry Silhouette and Cricut craft business owners – I’ve got you covered with a lot of tax information on the Cutting for Business blog. Today, I’m rounding it up in one place. Let’s start at the beginning.
I get asked a lot: “Do I have to report the income in my Silhouette or Cricut business?” Most likely, the answer is yes. I see misinformation about this all over: 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:
Maybe the only good thing about filing taxes? Tax deductions! Read on:
Still not sure where to start? Head here and 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:
With recent legislation last year, you may be responsible for taxes in states that you don’t live in, too. Get more information in this post:
Too busy to be bogged down with filing sales tax? I use a service to file automatically. Here’s my review:
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Since 2015, Christine Schinagl has been helping crafters start and run craft businesses through her blog, Cutting for Business. As a Silhouette and Cricut crafter herself, she has a unique take on what works and what doesn’t work in the craft business world. She also enjoys teaching other crafters how to create digital SVG designs, available at through the Design with Me series.