What Makers Needs to Know About Money & Taxes in 30 Minutes

SXSW Description

Are you a designer, maker, mover & shaker selling your goods online or off? If so, then stop by the first-ever SXSW CraftCamp to meet like-minded souls. With a full day of programming specifically developed for creative entrepreneurs who craft, make and/or sell products, SXSW CraftCamp will inspire and educate you for a more successful and productive year ahead.

This particular part of the SXSW CraftCamp is called What Makers Needs to Know About Money & Taxes in 30 Minutes and is run by Laura Messerschmitt and Ryan Thompson from Outright.

Initial Thoughts

I was hoping that this session would be one with a lot of note-taking as I’m kind of a ditz when it comes to the money and taxes side to building a business. I wasn’t disappointed, though I will say that the majority of the talk was about Outright and how it could help entrepreneurs. But I did get quite a bit out of it.

Key Takeaways

  • Tax laws change – check every year!
  • You have to pay IRS 4 times a year – January, April, June, and September (if you make more than $1k a year).
  • As of 2012, there is a new tax form. IT’s a 1099-K, a form that your credit card processor sends to you and to the IRS to report your revenue.
  • Always make sure to keep track of your money flow so you know what to pay taxes on.
  • What do I do with a 1099-K? You REDD it! Reconcile: make sure it’s right. Expenses: lower your taxes! Deductions: lower your taxes (again)! Doublecheck: check and doublecheck your gross recipes and make sure this is larger than 1099K number.
  • Deductions can include: home office, percentage of mortgage/rent and utilities (if working from home), take pictures of your home office and make sure it looks like one.
  • For your home office, how much of your home is that office? Take that square foot of office and make it a percentage and deduct that from rent.
  • Contribute to retirement and have an individual 401(k)/SEP IRA – both allow you to defer your profits and taxes until retirement.
  • You can also deduct your mileage. Download an app to your phone (like Mile Bug) and track your odemeter at start and end of business trips (and beginning and end of the year).

Twitter Highlights

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Date & Location

Sunday, March 11, 2012
Palmer Park
Theme: Mentors, Meet Ups and Camps

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Day 03 of the SXSWi Coyote Adventures
Stitch Labs Blog
Stitch Labs Pictures
SXSW Session Info