Bookkeeping - Important for a Quilting Business
January 16, 2007 by Mary Emma Allen
Filed under Arts & Crafts
Many quiltmakers and fabric artists have turned their hobby into an income producing business. It’s important that they develop a bookkeeping system for income and expenses. If they’ve developed a business large enough that they have employees, there are other bookkeeping matters to consider.
The post about bookkeeping at my blog, HomeBizNotes, will give you a place to start with this topic. ( If you have employees, you may be interested in the post on minimum wage.)
Some of these topics seem far afield from quiltmaking and artistic creations. However, if you have developed a business, whether small or larger, you must be concerned about keeping good records.
One thing I’ve heard, and maybe it’s a myth is that selling quilts and candles are tax exempt because they are crafts. The owner of a candle supply store told me this. Any idea?
William,
I always had to pay taxes on any income I earned when I operated a quiltmaking business. I haven’t heard that any crafts were tax exempt. This may vary from state to state though. Maybe, in the candle supply store, they were exempt from sales tax on candles. Would this be the case?