![]() This is reported on your Schedule C form that is due in April each year.Īs Quickbooks Self Employed only allows you to enter indirect expenses and has no allowance for inventory tracking, you’ll need to ensure that you are calculating your inventory and manufacturing activities separately and then manually updating your tallies in QB as a separate “COGS” expense category in order to be able to report this correctly. If you make your own products, you need to be reporting the material costs you incur to create your products as part of your COGS (“cost of goods sold”). ![]() This means that using Quickbooks Self Employed is unfortunately only going to cover one relatively small part of your reporting obligations. This distinction is really important as it changes everything about the way you need to report your end of year revenue and expenses to the IRS. The problem is that most Etsy handmade sellers are not only self employed businesses, they are self employed manufacturing businesses. Wonderful, you say: I’m self employed, would love to have my Etsy orders and fees all imported for me and it’s all I think I need to do my taxes. The version of Quickbooks that integrates with Etsy is their “Self Employed” one - this is their basic, bare-bones revenue and expense tracker designed specifically for self employed businesses, with the added bonus of Etsy data integration. While on the surface this announcement sounds like a fantastic opportunity for Etsy sellers, it has a number of issues from a tax and bookkeeping perspective. Etsy recently announced a partnership with Intuit that provides their Self Employed version of their popular Quickbooks package for a special yearly discounted rate.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |