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:
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: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.
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