Posted by in indie biz

etsy shop help

well, it’s that time of year again.  time for indie businesses to shed tears over tax forms and grow a few grey hairs.  though many of you may decide to hire a professional to do your taxes, after doing a little homework you may be able to do them yourself, in true diy style. our previous shop help post on separating your finances is a good place to start, do you remember it?

etsy shop help with taxes

wagon wheels

though we may start out on etsy to fuel a hobby, the reality is, as soon as you sell your first item, you’ve become a business.  it’s important to stay organized and file correctly.  to help, etsy has partnered with booking business outright.com to try to make filing taxes for indie businesses a little simpler.

etsy shop help with taxes

printemps

if you’re in the u.s. and are selling on etsy, you must file a schedule c with your income taxes (unless you’ve incorporated).  if you would like to read more on if you qualify as a hobby or a business, outright has a great article called, “business or hobby?“.

etsy shop help with taxes

good karma

the truth is, no matter how much money you make (even if it’s just a little!) you’re still a businessoutright.com simplifies tax forms and hosts everything online which makes the headache of taxes a little less ‘taxing’.  from providing a mileage calculator to deduct your expenses to help with filing for your consultants or contractors, outright is worth any indie owner looking in to.

etsy shop help with taxes

i stand each day by the shore

rather than list them here, i’m going to send you over to etsy to read outright’s top ten tax tips.  it’s helpful and informative and definitely worthy of a read.

etsy shop help with taxes

elise


next i’m going to send you over to jjm finance’s forum post about filing taxes. he provides links to answers on just about every possible tax question you could have.  it’s a great one-stop place to find all the relevant info you may be looking for.  from which forms to fill out to help with deductables to how to contact the irs, it’s got just about everything.

here’s the article:  u.s. tax guide (irs)


etsy shop help with taxes

peek

honestly, this articles was difficult to write.  as finance and accounting were not my best subjects i would love to hear from you who have success with doing your own taxes.  any experts out there?

xo! bonnie

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7 comments

comments

  • Really great post with lots of useful info!

  • Definitely bookmarking this one Bonnie! Thanks so much for sharing. It’s one of those things you don’t really want to face but, alas, always better to face it head on armed with useful knowledge. Thanks again! :)

  • Thanks for the helpful links! :)

  • Thanks for the shout out to Outright, Bonnie! We love, love, love our Etsy sellers and are so glad that you are finding Outright useful and helpful. Hopefully we can help with a few less tears and gray hairs. :)

  • This was very helpful, thank you!

  • shirin | April 7, 2010

    Hey Bonnie, I’m an Indian citizen & shifting to US within 2 months after my marriage. My husband too is an indian. I have this hobby of making jewellery. Am i permitted to open my shop on Etsy? Will my income be taxed? I do not have work permit for US. Please guide me.

  • hi shirin! hm, that’s a new one. maybe contact etsy directly? i’ll look around and see what i can find. :)

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