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What are your experiences as a small business/self employed?

DShain

New Member
I have not learned enough about these subjects, so I figure tying a discussion into my ongoing research is a good idea.

A lot of artists on FurAffinity make good profit on commissions and the like, but once your income reaches a certain amount ($400-$600 for a 1099 after deductibles?) the taxes creep into the equation. I want to go into business for myself (concerning art), so it is absolutely essential that I know what is going on. I imagine there is a point where I need to register as a small business of some such, and I've never even looked at a tax form before.

I understand this may be vague, but does anyone have experiences they can tell me about to help me get started?
 

Synec

gay for moleman
depending on your location there can be a wide range of factors. in general a freelancer's first tasks should be to keep paperwork of everything they do, and to include a tax percentage to their total quote to compensate for deductions.

if you're in a low tax-bracket, you *can* make back the money in returns, or get subsidies from other sources (education credits?). depending on the sort of work you'd be doing, you don't have to have an established/registered business, though you must claim the amounts obtained as being through business transactions. usually there is some leeway in defining your services.

the bottom line is to have evidence of your financial transactions should there be an audit or a red-flag in your documentation.

look into the tax-laws of your area and see what's necessary for filing your forms- visit a tax office or a bank(not my first choice) to iron out details.

*paypal becomes a clean-enough source for some artists in its own deductions and preset rates across contries/currencies- however they take a larger cut most often than if you'd do it yourself through bank-transfers.
 

Duality Jack

Feeling Loki with it.
Worked in a small private investigative group..... Was essentially sitting in cars drinking coffee waiting for people to mow lawns when claiming they got injured at work or finding out if a spouse is cheating. It's not the 20's-30's anymore, no more cool PIs.
 
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