This blog is meant to be a record of my adventures as a new home-based business owner. Starting my jewellery business was one of the most daunting things I've ever done, next to giving birth. Especially since I was (am?) pretty technically stunted. In this blog I will describe the trials, tribulations and, hopefully, eventual successes I experience while navigating the world of (really, really, really small) business. I also plan to use this blog to talk about all the aspects of jewellery design that fascinate me, keep me addicted, and cause me to spend thousands of dollars (What, honey? No, I didn't say thousands...) on gemstones, beads, findings, etc. I welcome your input, ideas, and stories of similar experiences in beading, jewellery design, or running a handcrafts business.

Thursday, April 28, 2011

Tax Time

Bless me, readers, for I have's been a looooooong time since I blogged.  I know people who blog a couple of times a week, or even every day.  What the hell do people talk about on these things every day?  Anyway, I mentioned last time that I was submitting my income taxes to an accountant this year.  I've always done my own taxes with one of those tax software packages, but this year, since I've got the business, I wanted to make sure that I did everything right and that I got all the write-offs I could get.  The accountant I used was recommended to me by a friend.  She did my personal income taxes along with Bead Planet's taxes, since Bead Planet is a sole proprietorship, and since I don't have a separate bank account for it.  She also did my husband's personal income taxes.  Our personal taxes are straightforward, so she ended up charging me only $150 for all.  I ended up being able to write off my internet bills for the period since August (when I opened my Etsy shop.) We're both getting refunds.  Yay!
The accountant did tell me that for 2011, I need to keep track of my inventory, both pieces already made, and for--gulp--raw materials!  OH, MY GOD!  I've been making jewellery and collecting beads, findings, crystals, chain, charms, etc. for over ten years.  I shudder to think of the gargantuan task ahead of me, counting and cataloguing all those teensy, weensy bits and pieces.  Besides, I haven't kept the prices for all those little bits, so I'll have to guess.  Then whenever I get a new bag of supplies, I'll have to add every piece to the inventory, and adjust it when I use something.  AAAAHHHHHH!  Is this what all jewellery artists do?  I'd like to hear about your inventory procedure, if you have one. 

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