Tuesday, April 14, 2009

Becoming More Official

Well, I just put a bunch of clams down for product liability insurance for Stella Marie. It had to be done. A lot of places will not allow you to sell your goods without it. I also got a real checking account for the business and a federal tax ID! I'm working on getting state tax IDs in the places I am going to be selling my stuff in, also.

I was pretty much tearing my hair out trying to get all this stuff together this week. Every state has different tax regulations, verbiage and permit requirements. Each state's government site is constructed differently. It is like trying to pull teeth to get yourself all legal and legit. I think they make it harder so that they can catch you doing something wrong (unknowingly) and fine you. It's probably one of those unwritten state revenue streams.

I also have to be careful about my earnings. The state of Massachusetts allows me to make a certain amount of money every week through my business without jeopardizing my UI benefits. This is a net amount, so though I can exceed that amount in sales, I need to figure out what the net value is every week when I file and be sure it does not go over.

Anyone want to come over and be my bookkeeper? I can pay you in soap.

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3 Comments:

Blogger bless_cyborgs said...

If I lived closer, I'd be happy to help.

Take that, US currency!

April 14, 2009 at 9:03 PM  
Blogger -WGM said...

I know you don't want to plunk down more money, but a great investment would be quick books, it can handle all the tax and bookkeeping crap for people like me who are clueless aside from 2 accounting course I took over 20 years ago in college. It isn't super expensive, but it is pretty user friendly and made for the "bookkeeping challenged" :-)

April 16, 2009 at 6:40 AM  
Blogger Kim said...

I should really think about doing that - thanks for the advice-er-eeno!

April 16, 2009 at 11:22 AM  

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