Tax Tips from a Craft Business Owner That Also Apply to Quilters

Preparing taxes returns for a craft or quilt/fabric  business occupies us this time of year.  Some have already filed theirs, while others are wondering why they have to and what they need to do.  Tammy Powley, who writes b5media’s Jewelry & Beading blog, has written at least two posts about getting the information ready for her taxes.  It’s sometimes interesting and informative to learn what someone else is doing. 

“This [taxes] is one of the things a lot of jewelry makers [and other home/craft business people] don’t think about when they want to start doing jewelry and beading as a business,” mentioned Tammy

Her tips and experiences on this topic also can apply to quilters and fabric artists.  In the US, craft businesses do have to report earnings, expenses, and pay taxes and self-employment.   

Her post, Tax Bead-Time Cometh, gives you her insight into what works for her.  Tammy also mentions why she has begun having an accountant prepare her taxes.  This may or may not be something you want to consider. 

Tammy posted again when her taxes were nearly finished, Bead Taxes Almost Done.  Here she mentions where you can find forms on-line at the IRS site and why she uses Schedule C as a check list as she gathers her tax information.

Do you have information to share about taxes for a quilting business?