Jewelry Making

3 Responses to “I want to start a small buisness making jewlery , how would i go about doing that? and do i need to pay taxes?”

1. Mi Atheist Girl Says:
   August 26th, 2010 at 6:26 pm

   Tax advice - You file a personal return, like normal, but you pay taxes on what you earn, and you can take your expenses as deductions. Talk to a tax professional, and keep very organized! I can’t stress the organization enough. You want to have all the information you’ll need when it comes time to do your taxes. Mi Atheist Girl

2. EVPJTX Says:
   August 28th, 2010 at 10:51 am

   You would pay taxes as self-employment income if you file your business as a sole proprietorship (which most likely you will). Keep in mind that you will pay self-employment tax on the profits which is 7.65%. Also if you sell the jewelery retail within your state, you will need to collect and pay sales taxes. Call your State treasurer or Comptroller to find out how to go about getting your permit.

   For mroe great FREE advice on how to start a business that is not a SCAM (its a nonprofit organization) go to and find your local chapter. This is a SBA affilitated group of volunteers who donate their time helping people learn about business ownership free of charge. They can help you figure out more than I can type here. Thanks! EVPJTX

3. NunyaBidNess_PartDeux Says:
   August 30th, 2010 at 8:09 am

   You will only pay taxes on the PROFIT you make…OR if you hire employees . Your company must withhold taxes AND match FICA/medicare deductions on not only employees, BUT ALSO YOURSELF if you are self employed. A visit with a competent accountant will get you organized as far as taxes go… NunyaBidNess_PartDeux

Leave a Reply