The Child Tax Credit is a normal credit that may appear on your federal income tax return. Changes that took place in 2021: If you’re married and make less than $150K a year you receive the full $2,000 credit per child (single, less than $75K). Half of your eligible credit is being paid out during...Read More
What is Inventory versus Cost of Goods Sold? Why is inventory important? What do you need to know about Inventory to operate your jewelry business? You’ll find all these answers here.What is Inventory?Inventory is an Asset, and Assets are things you own, like cash in the bank. Inventory Asset includes Raw Materials, Works in Process...Read More
PAYROLL PROTECTION PROGRAMGreat News! The PPP Forgiveness has changed thanks to the PP Flexibility Act that passed into law last Friday.We’ve been boggled with calculations previously, and now it is all much simpler.Here are the revised Guidelines:24 weeks to use the funds instead of 8.until Dec 31 to return to Feb 15 headcount, instead of...Read More
Gifts cards, cash, employee discounts and inventory are always taxable to the employee.One $25 business gift deduction per year per recipient is not included in pay as a bonus. This can be for employees or outside of business.Exception: gift amount is not limited if giving a gift that benefits a company as a whole, such as sending...Read More
New States continue to roll out as part of the Marketplace Sales Tax Nexus. As of October 1, 2019, Etsy is collecting and remitting Sales Tax in many states, including California and Colorado on behalf of sellers. We, at Accounting for Jewelers, keep this up to date for you as our client with Sales Tax...Read More
PayPal: effective as of October 11, 2019, will not charge a fee to process refunds, but the fees from the original transaction will not be returned.Want to know more? Does not apply to VoidsSpeak up in the PayPal communityAll about PayPal refundsRead More
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