Jewelry Business Accounting and Taxes
by Rena Klingenberg.
Accounting and taxes for a jewelry business can be confusing and scary for creative people.
Note from Rena Klingenberg:
I’m NOT a lawyer or an accountant, so please note that while I’ve researched this information carefully, none of the information in the JewelryMakingJournal.com website is intended to be legal or financial advice.
Please use your own good judgment in determining when the services of a lawyer, accountant, or other professional would be appropriate to your situation. 🙂
Below you’ll find a roundup of posts about handmade jewelry business accounting and taxes.
I recommend that you read through these posts (including the comments below them) for an understanding of how this aspect of a jewelry business works.
Then I highly recommend that you have a short session with a professional accountant who specializes in home businesses.
Explain what you do, and ask the accountant to outline a simple system for tracking the things you need to track.
That way you’re not wasting time tracking the wrong things, or coming up at the end of the year without the info you need.
Depending on where you live and how much jewelry you sell, the whole accounting / record-keeping procedure may be surprisingly simple.
Also where you live, there may be tax deadlines you need to know about.
It’s well worth it to get a professional account’s input, especially when you’re starting out.
Posts on Jewelry Business Accounting and Taxes:
Start a Jewelry Business
Easy but important legal and financial steps for setting up your successful home jewelry business. And if you’re already selling your work but haven’t taken the steps listed in this article, it’s not too late to set yourself up professionally.
How to Price Your Jewelry
Learn how to set a fair but profitable price on your handmade jewelry. Includes a simple formula for figuring your prices.
How to Keep Track of Cost of Goods Sold
In this discussion you’ll find tips on what information to track to figure your cost of goods sold (COGS), and how to keep track of it.
The Business of Beads – Bookkeeping
Jewelry artists share their record-keeping experiences and systems, from simple paper filing to using inventory software.
The KISS (Keep It Simple, Sweetie) Theory for Jewelry Bookkeeping
A discussion on easy, organized ways to do accounting for a handmade jewelry business.
And Here Are Two More Helpful Resources:
SCORE – Service Corps of Retired Executives
This organization provides free business advice and mentoring, by seasoned business experts. Well worth a visit to them to get your business on the right track.
Easy Ways to Sell Your Jewelry Every Day
My simplest, most profitable strategies for selling your handmade jewelry.
A very easy way to get started with selling the jewelry you make.