 1950-60s Carole King Black a... $49.00 |  1950's Black Patent Cuto... $30.00 |  Striped Cross Vintage 50s Ho... $135.00 |
 White Lacy Garter Belt, Larg... $8.00 |  Vintage SAPPHIRE 1960s Wiggl... $72.00 |  Vintage 1950s Genuine Mink F... $89.00 |
Showing posts with label personalpursuits. Show all posts
Showing posts with label personalpursuits. Show all posts
Jul 23, 2011
Fresh Picks: Mad Moxie
Next month, Banana Republic launches its “capsule collection” of modern clothing inspired by Mad Men. But why not wiggle your way into the real thing? To really capture the mood and attitude of the early 1960s, true vintage clothing and accessories just can’t be beat. Simply add beehive hairdo and shake until blended.
Apr 6, 2011
The Nuts & Bolts of Owning a Business
Is selling on Etsy just a hobby or is it your business? Do you do it for enjoyment with little regard to year end profits or are you concerned about boosting revenue? Are you keeping records that will help out in case of an audit?
These questions matter, especially at tax time. Unless you're trying to keep your business under the table and operate on a cash only basis (Which I highly discourage), you'll need to keep records. Keep in mind that Paypal will report their records if you're audited.
The first question is hobby or business? It's an important distinction. If you are planning on calling your Etsy shop a hobby, read up on the restrictions. Let's assume for the sake of this discussion that you're a business.
Are you keeping track of your expenses? Are you keeping records? Here's a few of things I keep track of:
A. Receipts from thrift stores, estate sales, etc.
B. Mileage to estates, thrift stores, etc.
C. Excel Spreadsheets of what it is, what it cost, where I got it, what it sold for, and any shipping losses.
D. Excel Spreadsheets of all my consignment sales.
E. Costs of business insurance.
That's all I worry about. I could get into deducting costs associated with my home office, but I've heard those kind of gray area deductions can trigger further investigations.
Some ways in which I practice sound business management:
I keep a separate bank account for my business. It's a business account, not a personal one.
I keep records about each consignment client and keep them up to date on their sales for their own tax records.
I keep detailed inventory lists to stay organized, to know who owns what and in order to find things quickly once they've sold.
I keep track of all my in state customers for sales tax. Check with your state and see what your requirements are.
I keep track of the rules surrounding Self Employment tax & Social Security and pay accordingly.
While I'd prefer to just focus on finding the next cool item, I've found that taking a little time each day to maintain records saves me a lot of wailing and gnashing later on. Now while this is what I do, please know I'm not a tax expert, I don't claim to be and I'm just sharing my personal experience.
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| 15 Quart Pyrex Bowl by beppiebags |
These questions matter, especially at tax time. Unless you're trying to keep your business under the table and operate on a cash only basis (Which I highly discourage), you'll need to keep records. Keep in mind that Paypal will report their records if you're audited.
 |
| 1970s Hummingbirds Dress by PersonalPursuits |
The first question is hobby or business? It's an important distinction. If you are planning on calling your Etsy shop a hobby, read up on the restrictions. Let's assume for the sake of this discussion that you're a business.
 |
| The Skin of Our Teeth offered by TheOldBarnDoor |
Are you keeping track of your expenses? Are you keeping records? Here's a few of things I keep track of:
A. Receipts from thrift stores, estate sales, etc.
B. Mileage to estates, thrift stores, etc.
C. Excel Spreadsheets of what it is, what it cost, where I got it, what it sold for, and any shipping losses.
D. Excel Spreadsheets of all my consignment sales.
E. Costs of business insurance.
That's all I worry about. I could get into deducting costs associated with my home office, but I've heard those kind of gray area deductions can trigger further investigations.
 |
| Vintage Wall Mirror by moxiethrift |
Some ways in which I practice sound business management:
I keep a separate bank account for my business. It's a business account, not a personal one.
I keep records about each consignment client and keep them up to date on their sales for their own tax records.
I keep detailed inventory lists to stay organized, to know who owns what and in order to find things quickly once they've sold.
I keep track of all my in state customers for sales tax. Check with your state and see what your requirements are.
I keep track of the rules surrounding Self Employment tax & Social Security and pay accordingly.
 |
| Victorian German Silver Purse by justbecauseshecan |
While I'd prefer to just focus on finding the next cool item, I've found that taking a little time each day to maintain records saves me a lot of wailing and gnashing later on. Now while this is what I do, please know I'm not a tax expert, I don't claim to be and I'm just sharing my personal experience.
My name is Heidi and I live in beautiful Northern California gold country. I am an estate liquidator. I love antiques! I am married to my high school hunk and have 3 amazing daughters, all under the age of 8.
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