Tax Bead-Time Cometh

Today, come hell or high water I am going to get my bead and jewelry tax stuff together! I swear it! I mean it!

This is one of the things a lot of jewelry makers don’t think about when they want to start doing jewelry and beading as a business. This is one of things that is on the “yuck” side of the jewelry business.

Around this time of year, many of the members of my Jewelry Making Forum start posting tax related questions. For years we did our own taxes, and honestly, if it weren’t for my writing, we could probably still do them and just fill out a schedule C for the jewelry business. But, over the years my jewelry business has really evolved into a jewelr/writing business. So last year, for the first time and after much nagging on my part, my husband and I finally went to a professional accountant, and it was worth every penny!

If you can’t afford an accountant, then check locally for free tax filing in your area. Where I live, AARP offers free electronic filing services to anyone – no matter your income. You could be a millionaire and they’d help you out. Also check places like the United Way, though they usually have some sort of income level requirements.

I decided to pay for an accountant because I wanted to be able to build a relationship with someone who I could see year after year and I could call with a question now and then. It ended up costing us around $350, and we met with her about three times. But we ended up taking a lot of write offs I was either too chicken to take in the past or just didn’t know about, so we saved thousands of dollars.

You have a lot more to deal with when it comes to running a jewelry business, and one less thing on your plate has got to be a good thing. So, if you are freaking over your taxes, get help now. The sooner the better.

Okay, I’m off to start digging through all those receipts….