Spreadsheets 1, Schedule C 0! (or: Five Minute Taxes)

Schedule C, Have at thee!

One of the joys of having a crafting micro-business is doing yearly battle with the Schedule C (Profit or Loss From Business).

I might not have pulled in the big bucks last year, but I made it into the black and now it’s time to pay up. Thankfully I’ve learned a trick or two over the years and the actual form only took me a few minutes to fill out!

Stacking the deck for your Schedule C fight is as simple as tagging all of the entries in the accounting Ledger with a code for which line they go on. That way when tax time rolls around all you have to check for is if any costs have shifted groups. (more…)

Continue ReadingSpreadsheets 1, Schedule C 0! (or: Five Minute Taxes)

Just the Tax, Ma’am

One of the sad realities to working for myself is that my goal income really isn’t my goal income.

For instance, say I’d like to be bringing in $30,000 a year (or a little over $2,000 a month) in order to feel comfortable in my normal spending habits. Assuming our debts continue on their current trend, by the time I’m ready to step out of the corporate rat race our debts should be very close to zero. Combined with my husband’s retirement income this sounds like a nice solid figure, after all I’m not looking to end up in a mansion, but it turns out to be significantly short of what I’d really need.

(more…)

Continue ReadingJust the Tax, Ma’am