Must-Do 2012 Financial Resolutions for Etsy Sellers
Must-Do Financial Resolutions for Etsy Sellers
The New Year is the perfect time to clean up the financial side of your small business. There is no better time to start managing your finances than the beginning of January, because it is a time of “new beginnings” and for practical tax, legal, and bookkeeping considerations.
Get Your Taxes in Order
January 1 is the first day of a new tax year. Uncle Sam is ready to give you a fresh start and knowing which tax laws apply to your Etsy shop and how to comply with them is paramount for your business’ long term success. Important tax laws to know: Form 1040, Sales tax, Self-Employment Tax, Home Office deductions, Taxes for Equipment, and Schedule C.
Simple Do-able Bookkeeping
Bookkeeping is the grease behind making your tax season go smoothly. The best bookkeeping system is the one you feel comfortable with and will be able to consistently use. Do you want to do your bookkeeping using paper and pencil or a spreadsheet? Both solutions are good and the decision of which to use is a personal preference.
Get Your Etsy Shop Legal
A legal business is a business that has a firm foundation to grow upon. While tax laws are a major part of running a legal business – there are many other legal considerations that Etsy sellers should follow. There are legal mistakes to avoid, contract basics, small business insurance, business formation structures, and other legal topics that can help you avoid stress and heartache this coming year.
Making Smart Financial Decisions
There are many financial tips and decisions that can make or break your Etsy shop. Financial mistakes can put your business at a disadvantage that will take years to overcome, while smart decisions can help you leap-frog over competitors. Topics to consider: The road to quitting your day job, financial mistakes to avoid, smart financial decisions, Etsy financial essentials, and cash management skills/processes.
Make this the year you get your business’ finances in order!
The Super Bundle (pictured below) will meet all your financial, bookkeeping, tax, and legal needs for a reduced price.
Have any specific financial questions or want some advice from a CPA for Etsy sellers? Send JJMFinance a convo on Etsy!
Jason has a passion for finances and teaching others. He is a “creative accountant” who can perform left-brain-number-crunching-analytics while also feeling like a right-brain-handmade-artist.
He is a CPA (Certified Public Accountant) and CTP (Certified Treasury Professional) who also loves Etsy! His wife started selling on Etsy in 2007 and started helping with her bookkeeping, taxes, and the legal side of her business. He built her a bookkeeping system and figured . . . “if my wife can use this, I’m sure other Etsy sellers could too!” Jason’s Etsy shop, JJMFinance was born—selling bookkeeping, tax, legal, and financial tools, tips, and advice.