With the recent changes to the shop payment account on Etsy, I fully expected to find the amount of sales tax collected (and therefore sales tax payable) right on one of their new pretty charts. A pretty important number to bookkeeping success! When I could not find sales tax information anywhere in the new shop payment account, I have to admit, I was worried! Luckily, I found the old trusty CSV files I have always used, just not where I expected to find them!
Etsy has been talking about this for a while, and finally, in November 2018 Etsy has created a new Etsy payment account and eliminated the separate Etsy bill. Now all Etsy fees will be deducted from Etsy sales before the remaining money is deposited into your bank account. In light of these changes, the process for recording Etsy deposits and Etsy fees in QuickBooks Simple Start has changed. Let me show you exactly what to do now.
There are two ways to increase your business profits. Create additional revenue or reduce your spending.
Granted, increasing your revenue is the much flashier, and therefore the most talked about method for increasing your business profits. However, you are just shooting yourself in the foot if you never consider ways to curb your business spending and save some money!
Believe me, I have witnessed first-hand businesses that are killing it in sales and drowning in expenses. Don’t let that be you!
Your blog is growing! You are finally starting to see some blog revenue, and of course, you’ve had expenses for a while now. You know it’s time to get a handle on your blog bookkeeping, otherwise, you’ll have a mess come tax time. You have heard people talk about QuickBooks. Is QuickBooks right for your blog bookkeeping? Let’s find out!
“How do I pay myself from my small business?” is one of the most common questions I am asked. Related to this question is, how much can I pay myself? If you are sole-proprietor or a single-member LLC (not filing as an S-Corp), the answer is shockingly simple. You can pay yourself how much you would like and whenever you would like! Great news.
Don’t miss out on a single tax deduction for your blog business. There are many tax deductions for bloggers that you can take. Here are 101 tax deductions to get you started!
This post contains affiliate links, see my disclosure here.
This post is meant for general informational purposes only, and should not be taken as legal, tax, or accounting advice.
As a new Etsy seller, you want your business to thrive and grow as quickly and simply as possible. As an Etsy Seller since 2012, I have learned a few things about running a successful Etsy shop. Get ahead of the game with your shop by following my top tips for new Etsy sellers.
Starting a business can be so exciting! Whether you are looking to supplement your family’s budget with a side income, or want to earn a full-time income, starting a small business can be the answer. There are so many possibilities when it comes to creating a business, and it is easier than ever to get started. You can create a business that fits your personal needs and works within your available time. Are you uncertain about exactly how to start a business? Let me walk you through every step to starting your very own small business.
If you are like me, you have always wanted to be an entrepreneur. Your mind is constantly churning with possible small business ideas. Your problem is selecting the right business idea.
Or maybe you never thought you would be an entrepreneur, but your family could really use some extra income, and starting a small business seems like the answer. Your problem is coming up with a business idea.
You have finally done it! You just hit “Publish” on your very first blog post . . . or you added your first listing to your Etsy shop . . . or you signed up for your very first craft fair . . . or you just sold a handmade purse to your friend! All of these things are so exciting!
When the novelty wears off, you might start to panic. Do I now have a business? Do I have to pay taxes? Do I need to register with the IRS?