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Wife's side business , time to get a business license?
Posted on 1/8/17 at 3:03 pm
Posted on 1/8/17 at 3:03 pm
So my wife has been doing some vinyl creations and monograms for a year now and I figured it was just a hobby. She sells stuff off a Facebook page and creates some custom monograms or phrases on kozzies , cups and shirts
Her business is getting pretty popular and she's making a couple hundred every few months. We never signed up for a small business license or anything but is it now time to start worrying about all that?? Didn't really want to worry about taxes on all this but I guess some deductions would be nice
Her business is getting pretty popular and she's making a couple hundred every few months. We never signed up for a small business license or anything but is it now time to start worrying about all that?? Didn't really want to worry about taxes on all this but I guess some deductions would be nice
Posted on 1/8/17 at 3:16 pm to CE Tiger
We married to the same chick?
Interested in this as well. I thought it was a hobby and then she made enough over Christmas to reinvest it and bought a computerized embroidery machine.
Want to know the pros and cons of getting a business license. I assume llc?
Interested in this as well. I thought it was a hobby and then she made enough over Christmas to reinvest it and bought a computerized embroidery machine.
Want to know the pros and cons of getting a business license. I assume llc?
Posted on 1/8/17 at 3:22 pm to CE Tiger
Wait, y'all bought your wives Silhouette machines, too?
I personally wouldn't worry about it over a couple hundred bucks a month. If you plan on showing up at flea markets and such and doing it, that may be a different deal all together.
Side note - we were coming back from Dallas the weekend of the Canton, TX flea market. We stopped by just to see what the fuss is about. There were no less than 10 merchants selling fake Yeti tumblers with monograms being cut right there on a Silhouette for $40 a pop.
I personally wouldn't worry about it over a couple hundred bucks a month. If you plan on showing up at flea markets and such and doing it, that may be a different deal all together.
Side note - we were coming back from Dallas the weekend of the Canton, TX flea market. We stopped by just to see what the fuss is about. There were no less than 10 merchants selling fake Yeti tumblers with monograms being cut right there on a Silhouette for $40 a pop.
Posted on 1/8/17 at 3:28 pm to anc
Haha yea I bought her the silhouette to get her to stop buying overpriced shite on etsy, the damn thing has paid for itself
She shared a Mardi gras shirt this morning on Facebook and has almost 20 orders for it in a few hours
Made almost 2k during November and December
We buy the 30oz rtic in bulk and sell for around $24 each
She shared a Mardi gras shirt this morning on Facebook and has almost 20 orders for it in a few hours
Made almost 2k during November and December
We buy the 30oz rtic in bulk and sell for around $24 each
This post was edited on 1/8/17 at 3:29 pm
Posted on 1/8/17 at 3:44 pm to CE Tiger
As far as a local business license goes I would simply wait until they ask you to buy one.
I would not, however, avoid too much income tax. Talk to an accountant.
I would not, however, avoid too much income tax. Talk to an accountant.
This post was edited on 1/8/17 at 3:46 pm
Posted on 1/8/17 at 3:58 pm to CE Tiger
quote:
computerized embroidery machine
quote:
bought her the silhouette to get her to stop buying overpriced shite on etsy,
If you don't mind me asking could you guys list a link of equipment you guys have, or the name of them? Very interested to get my wife into this stuff.
Posted on 1/8/17 at 4:23 pm to momentoftruth87
LINK
That's the silhouette site. It's for cutting vinyl but you can do heat transfer vinyl for shirts and stuff. Get your wife into this at your own risk it will take over your house
That's the silhouette site. It's for cutting vinyl but you can do heat transfer vinyl for shirts and stuff. Get your wife into this at your own risk it will take over your house
Posted on 1/8/17 at 4:28 pm to CE Tiger
What kind of license is required for that kind of stuff?
You don't need anything to put the income/expense on a tax return.
She should be collecting sales tax and sending it to the local tax office
You don't need anything to put the income/expense on a tax return.
She should be collecting sales tax and sending it to the local tax office
Posted on 1/8/17 at 4:29 pm to CE Tiger
quote:
Haha yea I bought her the silhouette to get her to stop buying overpriced shite on etsy, the damn thing has paid for itself
I did the same thing. Wife is selling to friends and local now, but I told her she needs to put things on Etsy.
Posted on 1/8/17 at 4:37 pm to yellowfin
Our record keeping is sketchy at best especially the expenses part because I wasn't expecting her to make enough to claim but if we start going through all that I'm gonna wanna work in some deductions which is why I feel l need to go the small business route
Posted on 1/8/17 at 4:43 pm to CE Tiger
Track it on quickbooks. Easiest one to use
Posted on 1/8/17 at 6:09 pm to anc
Yeah we opened an etsy shop and I'm a software developer so I'm slowly developing an app to track orders. Give some an excuse to drink bourbon and yell at the computer.
Posted on 1/8/17 at 10:28 pm to CE Tiger
This is not your question but you need to let whoever writes your homeowners insurance know about this side business or at least read your policy to see what exclusions apply. If you make over a certain amount of money in a home based business depending on the policy your insurance might not cover related liability claims. Like if some lady comes over to pick something up and she slips in your driveway and sues you might not have coverage. Or if one of her machines burns the house down you might not have coverage without the specific endorsement. It's not that much more a year but it's worth it for sure.
Posted on 1/9/17 at 2:42 am to RebelExpress38
If one lives in the county, and not in a city, must one obtain a license?
Posted on 1/9/17 at 7:33 am to I B Freeman
quote:When does a hobby become a taxable business? How does the taxing body know? When does a pond become a lake?
As far as a local business license goes I would simply wait until they ask you to buy one.
Posted on 1/9/17 at 7:58 am to momentoftruth87
My wife has the Silhouette and the Brother PE770 for embroidery.
The machine and software are super easy to use. You could be up and running and creating stuff within an hour or 2.
The embroidery stuff is much more expensive to get going. The software is expensive, like hundreds of dollars to thousands of dollars. I managed to track down an older copy of the software to use. It's much more difficult to get a good embroidery design than a vinyl one.
PE770
The machine and software are super easy to use. You could be up and running and creating stuff within an hour or 2.
The embroidery stuff is much more expensive to get going. The software is expensive, like hundreds of dollars to thousands of dollars. I managed to track down an older copy of the software to use. It's much more difficult to get a good embroidery design than a vinyl one.
PE770
Posted on 1/9/17 at 8:07 am to BoogaBear
Unless its a regulated business that would require certification there's not usually a license needed.
BUT, you do need to look into sales tax and income tax as those will get you into trouble. Contact your local tax collector's office to get sales tax info.
If she is doing more than say $2500/ year the best thing to do is open a separate checking account and run ALL expenses and income through that. Get a ziploc bag for receipts or a couple and organize them that way. Doing those two things will allow you to have a very easy tax time.
BUT, you do need to look into sales tax and income tax as those will get you into trouble. Contact your local tax collector's office to get sales tax info.
If she is doing more than say $2500/ year the best thing to do is open a separate checking account and run ALL expenses and income through that. Get a ziploc bag for receipts or a couple and organize them that way. Doing those two things will allow you to have a very easy tax time.
Posted on 1/9/17 at 8:11 am to CE Tiger
quote:WTF is that?
a small business license
Posted on 1/9/17 at 8:11 am to baldona
We got the separate account set up. Mostly because I was tired of her saying, "I made 30 bucks on this shirt."
Well yeah, you used our checking account to buy the shirt, then sold it and kept all the money. So now she has to account for her own overhead.
The application I'm making her tracks all orders, dates, prices, products, etc. It will make it a no brainer.
Well yeah, you used our checking account to buy the shirt, then sold it and kept all the money. So now she has to account for her own overhead.
The application I'm making her tracks all orders, dates, prices, products, etc. It will make it a no brainer.
Posted on 1/9/17 at 8:37 am to BoogaBear
quote:
The application I'm making her tracks all orders, dates, prices, products, etc. It will make it a no brainer.
What application is that?
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