What is a 1099 NEC and Who gets one

 

 First let's start by addressing the name change, a 1099-nec and 1099-misc are not the same thing however until 2020 the 1099 misc was used for reporting non- employee compensation where as now the 1099-NEC is used for this purpose.

 Now that we have that all cleared up who gets a 1099- NEC?   Any individual not on the payroll on a contract to complete a project or assignment, who was paid more than $600.00

So in plan English what this means is if you made an individual more than $600.00 to do graphic design, social media manager, design your website, update your SEO, ETC,   and they are not an S-corp or C- corp you would issue them a 1099- NEC.

Do you have to have a contact? NO, this is just a way of saying that you agreed on a task and price, however they are not an employee because you did not provide set hours or specifications on how they must complete this task.

Do you have an affiliate program ? If you paid one of your affiliates more...

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35 Tax Deductions for Creative Business Owners

 

35 Tax Deductions for Creative Business Owners

  1. Website
  2. Social media ad
  3. Business Cards 
  4. Signs for trade or craft shows
  5. Business license
  6. Permits
  7. Materials ( yarn, fabrics, Wax, T-shirts, vinyl, beads, etc)
  8. Canva subscription
  9. Photo shop subscription
  10. Business loan interest
  11. Equipment rental
  12. Space rental ( booth)
  13. insurance
  14. Legal consultation
  15. Accounting
  16. Continued Education
  17. Books for your business
  18. Office Supplies
  19. Postage
  20. Shipping Supplies
  21. Phone
  22. Internet
  23. Travel Expenses
  24. Wages paid to others
  25. credit card processing fees
  26. Listing fees
  27. Auto Expenses
  28. Banking fees
  29. Repairs to office space
  30. Business association membership dues
  31. Computer
  32. Gift for Customers (up to $25.00)
  33. Health insurance
  34. Software
  35. Business use of home (Utilities, property tax, insurance, mortgage interest)

 The important thing to ask yourself with any expense is.... Is this expense ordinary and necessary for your business ?   If the answer is YES you can deduct it, however if the answer is no to either set...

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5 Ways to Organize your business finances

 

 I get it you would rather scrub dried paint out of the carpet then add up all those expense receipts you have laying around. 

 Here is the deal though in order to have a profitable business  you HAVE TO know your numbers.   I totally understand that this is easier said then done, but don't worry I am not going to leave you hanging.

 Here are Five important Elements of getting your business finances in order

1.  Register your business with your state and local offices to insure that you are operating within the law and requirements for your area 

2. Keep all personal and business money separate

3. Track all income, YES even the cash!

4. Track all expenses, I have some helpful tools for this and will explain more further down 

5. Hire an accountant, CPA, Tax professional to help you file your business. I promise you it is worth it!

  It can be overwhelming, I know!   There will be days when you wondering if you...

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Tips for what to do when your handmade items don't Sell!

Uncategorized Mar 30, 2021
 

I think one of the most frustrating parts of owning a creative business is "The Gamble."

Everyday you show up, create your best work, and at the end of the day, some products may not sell the way you want them to. This is The Gamble. The Gamble is pouring your heart and soul into products that will hopefully, one day, grace someone else's home. 

Unfortunately with gambling, sometimes you win big, and sometimes you lose the pot. 

So, what do you do with the products that simply aren't selling?

Go cry in bed with a bowl of ice cream over all of the wasted time and money.

Nope, that's not it. It's time to embrace the age we live in of reuse and repurpose.

Spruce up your marketing

Before you call it quits on a product, you need to determine the reason why it's not selling. Is it the product itself, or is it the way that you talk about it?

Having a killer product description can make a big difference in the success of an item. Get my product description...

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7 goal setting Strategies for creative business owners

Uncategorized Mar 30, 2021
 

Setting goals for your handmade business can be tricky, I am giving you some of my best strategies for setting goals as a creative business owner.

I personally have had a blast this year. In addition to running my husband’s business, I have started my own! I launched two courses and have helped dozens of creative small business owners figure out their marketing strategies and finances. As much as I have accomplished, it’s time to think about what the next year holds. 

When we talk about new goals that coincide with January 1st, people often call them “New Year’s Resolutions.” New Year’s Resolutions also have a reputation for falling through. So as you create your list, make sure to call them something else, so you don’t trick your brain into failing. I like to call them my Level-Up Goals!

Before we get into the nitty-gritty of what goal to set, I want to share some tips on how to create good goals. First, I recommend that you...

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The COMPLETE List of Expenses to Track for your Handmade Business

Uncategorized Mar 30, 2021
 

Let’s talk about the “B” word. 

Not that “B” word… Get your head out of the gutter. 

The word I’m talking about is BOOKKEEPING. Unless you’re one of those awesome nerds (like me) who just love math and money, it’s the vain of your existence. It’s tedious, it’s complicated, and it’s the thing that helps you lose money to taxes. 

If you don’t keep track of your expenses and books throughout the year, you will be crying come tax season. So much gets factored into taxes for small product-based businesses. If you aren’t adding to your lists every month, if not every week, you will end up spending a big chunk of money hiring someone to help you sort it out. 

Don’t be that person. Keep up with it now, so that you can coast into tax season with a smile on your face instead of etching in a few more frown lines.

Maintaining your books and submitting your taxes is...

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How to Collect Sale Tax on handmade items

Uncategorized Mar 30, 2021
 

Let’s be honest. Sales tax has gotten pretty confusing for creative business owners, especially with how much digital sales have grown. I’m sure you’ve caught yourself asking, “Do I collect sales tax? Does the sales platform collect tax for me? Why can’t I just focus on creating beautiful things?!” I agree. It sucks. But, it’s much better to handle correctly from the get-go to avoid nightmares and a long headache come next spring (AKA tax season). 

Today, I’m going to cover sales tax for online sales specifically. There are so many platforms on which you can sell your products, and unfortunately, there’s no standard for how each of them handle sales tax. So, here is my rundown of each platform and how they do sales tax!

First, let’s go over how you know whether or not to collect sales tax in the first place. The short answer is that it varies by state. 

For example, I live in Missouri, where sales tax is...

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Defeating Limiting Beliefs with Sarah de Orlando | Episode 48

podcast Mar 26, 2021

Episode 48: Show Notes

My guest in today’s episode is Sarah from Sarah de Orlando Coaching. After spending 10 years working as an engineer, Sarah realized that she needed more from her career. Now, Sarah is a life coach who helps women discover and develop their desires and dreams to create an actionable plan so they can bravely step into the vibrant and unique life God created for them. Sarah also shares her business journey and how she was able to pivot from engineering to life coaching, as well as the lessons she learned along the way.

Sarah helps women gain confidence, overcome fears, and live the purposeful life God designed uniquely for them. I've been there and know how it feels to be stuck. She will help you shake off the fears and lies holding you back, and bravely step into the life you long to live.

In this episode, we cover:

  • Sarah’s journey from engineer to life coach and how she defeated her limiting beliefs
  • How to follow your vision and not let doubt and...
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How to Use Your Newsletter List | Episode 47

podcast Mar 19, 2021

Episode 47: Show Notes

Today I want to talk to you about protecting your business. Mainly, about protecting your revenue, your outlet and how you connect with your customers. I know we've touched on this subject a little bit in the past, but today I really want to share with you some specific things that you can put in place to make sure that you are protecting your audience, your customer base, and everything you've worked so hard for.

In this episode, we cover:

  • Why you should have an email list and how to use it
  • The best ways to get customers to sign up for your newsletter
  • The importance of having multiple platforms for selling your products
  • and, listening to your audience on what they want

 

The best resource you have in front of you is your audience. So ask them, "what do you guys want to see?" and give them more of that.

- Katie Fisher

 

Links and resources mentioned during this episode:

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Organic Ways to Include Multiple Revenue Streams Into Your Business | Episode 46

podcast Mar 12, 2021

Episode 46: Show Notes

Often when we hear the term "multiple revenue streams" we might think, having multiple businesses, investment properties, investing in stock, or joining a MLM.

Although I admit I'm a multi-passionate entrepreneur, I can honestly say, this is not usually the most efficient use of your time. Adding these types of revenue streams can make it more difficult when you're trying to get your primary business off the ground.

Today on the show, I'm talking about about how you can diversify the business you already have and ways to add additional revenue streams - in an easy and organic way.

In this episode, we cover:

  • Organic ways to add additional revenue streams into your business
  • The basic requirements for including ad revenue to your website or blog
  • Making money by Including affiliate links in your blog posts
  • Sell your own course or program
  • Making money through YouTube and sponsored content
  • and, repurposing your content to use on multiple platforms

Links and...

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