Brooke asks, Q: I’ve seen a lot of people getting hacked on FB and I’m scared it’s going to release my credit card info. I tried to cancel payment and I’m not sure how to disconnect my credit card from these socials? Any idea?Read More
Brandy asks: Q: I am in the process of setting up our Shopify POS. I’ve had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to...Read More
Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail.Read More
Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...Read More
Sherie asks: Q: Before realizing I should have been putting everything to owner’s investment, I repaid our joint account for approximately $2500 last year. I wouldn’t have if I had used my personal account, but this wasn’t all my money! Can I just do an owner’s draw? Or would I have to set up and...Read More
Melinda asks: Q: So um… what’s the deal with sales tax? When my customer buys something from my SquareSpace website, are they paying taxes? What about wholesale orders? If I am creating invoices to stores who are buying wholesale from me within the same state as me (California), should I be charging them sales tax? Where...Read More
Inventory, oh Inventory! Alexia, Brooke, Karina and many others have asked: [quote ]”What is included in inventory? Is Inventory just my finished jewelry? Do I include metals and gemstones that haven’t been made into anything too?”[/quote] Short answer: yes, include the following: Raw Materials available for production Works in Process not yet ready for sale...Read More
Part 3: Xerocon Mindful Take Aways Dandapani When I was a stubborn kid throwing tantrums, I received an enlightening little yellow book titled something with “Me” in it. While I don’t remember the name of the book, it taught me that I didn’t have to behave the way I wanted to respond. Even 30++ years later, I...Read More
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