Tackling Your Etsy Taxes

Spring is in the air down here in Central Texas. Bluebonnets are budding, the grass is turning green again, and it’s time for my most dreaded time of year… TAX Season! Let’s be real, I started ShopEllieBelle because I wanted a flexible job with a creative outlet NOT because I live for the complicated tax situation it brings every April. Below I have formed a list of tips that I have learned throughout the years. I am in no way a tax professional and if you have questions you should seek professional advice.

  • Start Early – There is nothing like waiting up until the last moment to get your taxes done. You’ll have a huge Etsy order to fulfill and be rushed for time. It’s just bound to happen. It would be best to keep up with your taxes monthly, but if that just isn’t an option carve out a few days each quarter to keep up!
  • Use the right tools. – I have tried everything and even though there is not a one size fits all tool. I have found what works for me. I combine a masterly crafted excel sheet to keep track of all my ins (purchases) and outs (sales) with Quickbooks and finally TurboTax. If hiring a CPA is the right tool for you, and you can afford it by all means – go for it!
  • Don’t Stress –  We live in a day and age where you can find answers to all of your questions with a simple search of the internet. Don’t let the stress of something new get you down. You can do this!

Have any tips or tricks of your own? Share them below in the comments section.

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