Tax Essentials for Makers Selling Products Online

Hate dealing with taxes and numbers for your handmade business?
In this video, Mei will break down all the tax essentials makers like yourself should consider when selling your products online.
Let’s delve into the following:
• How to track your cash flow for your business
• The common tax deductions you can claim as a handmade business owner
• Some tips on how to DIY your taxes minus the hassle
If you’re the type of business owner who feels frustrated come tax season, then this video is for you. Doing your taxes won’t be as dreadful as it once was.
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Timestamps
00:00 Introduction, why I made this video
00:26 The business side of life
01:11 Understanding self-employment
01:29 Track your cash flow
03:15 Common deductions for makers
04:00 Tips on DIY-ing your taxes
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[@CreativeHiveCo]

🚨NEW FREE WORKSHOP FOR 2024 🚨 Learn how to create a PROFITABLE handmade business online without keeping up with social media
Watch the free workshop here: tinyurl.com/mrnh7bzm

[@terrieperkins7672]

Thank you for the valuable information :)

[@CreativeHiveCo]

You're welcome and thank you for watching too!

[@scentyful]

Thanks for producing this video. I had forgotten about a few deductions I am allowed to take. I appreciate your time/talent in creating this for all of us hand made biz owners.

[@CreativeHiveCo]

Thank you for watching! Appreciate the kind words too ♥️

[@terrierqueen4091]

Don't forget that a portion of your tax preparation costs are deductible on schedule C under legal/professional services, meaning, that portion of your bill that went towards prepared your schedule C, SE and any depreciation on business use equipment and vehicles. Those expenses you had in 2023 are deductible now as you file 2023's return

[@CreativeHiveCo]

Thank you for sharing!

[@GalacticHeroOfTime]

Thank you for sharing! This was very helpful and perfect timing!

[@CreativeHiveCo]

You're welcome.😊

[@littlemaeandco]

Do you use wave for bookkeeping?

[@CreativeHiveCo]

I use Bench.co! 😊