Collecting and Paying Taxes for Your Arts/Crafts Business
- Depreciating Assets (7)
- Preparing Employment Tax Returns (7)
- Sole Proprietors and Schedule C (10)
- Tax Deductions for Vehicles (3)
Preparing the Income Section of Form 1120
If you operate your arts and crafts business as a straight-out corporation you file a Form 1120 to report your items of income and loss. This article shows you how to fill out the header and income section of Form 1120. Even if you don't want to prepare your own Form 1120, it's a good idea to have a basic understanding of what goes on a Form...
If you have employees for your arts or crafts business, you need to fill Form 941 four times a year. This article shows you how to fill out page 2 of Form 941.
Getting Familiar with Simplified Home Office Deduction
Sole proprietors that operating their business out of their home can elect the simplified home office deduction starting with their 2013 tax returns. Rather than preparing Form 8829, the expense is calculated by taking $5 times the home office square footage.
Walking Through Preparing a Schedule C
Arts and crafts businesses in the United States who operate as a sole proprietorship attach Schedule C and Form Se to their Form 1040 to report net income or loss from business operations. Find out how to prepare the Schedule C and Form SE. This information will come in handy regardless it you hire a tax professional to prepare your return or...
Walking Through Form 1120 Schedule J and K
If your arts and crafts business is a corporation you file Form 1120 to report your taxable income. Find out about Schedule J and K which you use to calculate your federal income tax and answer basic questions about your business.
Finding Out If Casual Income Subject to Income Tax
Are you a part-time artist or crafter wondering if there is any limit under which you don't have to record your income from selling your arts and crafts items? An arts and crafts reader posed this question - find out the answer! Also discussed are garage sales and self-employment tax.
Filing for a 1040 Extension
All individuals in the United States can opt to extend the submission of their federal income tax return Form 1040 and all attachments from April 15 to October 15 using Form 4868. If you've never had to file an extension you may be a little nervous about doing it and want to be sure that you follow all the rules. This article gives you the full...
Arts and Crafts Costs and Expenses - Learning About Cost Behavior
You don't have to be an accountant to be familiar with expenses. Expenses are supplies, raw materials or services for your arts and crafts business you receive for an exchange of cash or a promise of cash that directly match to revenue you earn in a specific financial period.
How to Organize Tax Information
Simple tips to use when organizing your tax information.
Maximize Your Business Income Tax Deductions
This three part article on small business tax deductions covers keeping track of your business expenses throughout the year, tax deductions related to the cost of doing business, and home business tax deductions.
Sales Tax Versus Income Tax
Definition of the the Fair Tax plan and how it may affect US businesses.