Hello Friends,

First I would like to say I am so happy the worse of winter is behind us. It seems to have been the longest, coldest and busiest I have had in many years.

Also I hope you notice that I have restructured the newsletter a bit. I hope to include a business section with tips, ideas and such for those who are in business and sell and those that are planning to. 

You may find this very helpful if you are considering starting a home knitting business to earn extra money at home. Knitting for Profit

And I will be including a book title that will help you find or covers the information we will discuss in the newsletter.

Of course there will still be the monthly project for everyone to see what's new on the knitting n crochet site. And don't forget you can always contact me if you have questions or suggestions.

God Bless

Linda  

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Income section:

This is the time of year we must do our taxes. Hopefully you have been diligent in keeping your records up to date. Some post daily, weekly or monthly. I do my posting monthly. I have a file that I put all receipts, from sales orders and expenses in.

Than the 3rd of the month I sort that file and post into the ledger. State and local taxes are filed every month and paid. Balances are carried forward and by the end of the year I have everything organized and ready for the accountant. If you are throwing everything into a box or bag and figure at the end of the year you will get to it you are making a big mistake.

You must take this part of your business as serious as your creating product. If you have problems with the IRS you could lose your business or be seriously penalize monetarily. This is not a fun part of working for yourself but it can be either a quick monthly inconvenience or a major debt catastrophe if you get behind in taxes.


Knitting n Crochet