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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:
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:
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