![]() ![]() But, if you can afford one, their knowledge, experience, and expertise may be well worth the money. However, such services cost money, which is often in short supply for beginners in the home-based craft business. ![]() If you do not want to deal with learning the ins and outs of your financial obligations regarding your home-based craft business, you can always hire a consultant, a tax lawyer, or a certified public accountant (CPA) to help you with your business planning and tax filing. It is up to you, as a small business owner, to find out what you are obligated to report, what forms to use, and how you can claim certain deductions for your business at filing time.Īn entire course could be developed regarding the IRS, filing taxes, and the responsibilities of large and small business owners, but our goal is only to inform you regarding the basics, such as knowing when and what you may need to pay, determining what may be written off as a home office deduction, and doing your best to reduce your tax obligations. You can not plead confusion or ignorance. The Internal Revenue Service, more commonly known as the IRS, will expect certain information from you about your business every year. ![]() Small business owners are required to fill out a variety of tax schedules and forms at the end of every tax year. When you start your own home-based craft business, you are going to have to know at least the basics about tax obligations, business expenses, and what you can claim as a business deduction. We realize the financial aspect of a home-based business is not everyone's favorite topic, but it does need to be discussed, at least in brief. ![]()
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