[Jewelry making - Article 00216] - [Orchid] [Biztalk] Taxes - First Sch C

[Jim or Liz]

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Hi,

    I was reading a recent post about things to do in January like
    inventories. It got me to thinking about the Sch. C and all the
    things I don't know. First, I have a resale license and I pay Sales
    Tax to the State - which in my case is CA. I have a part-time job and
    then I make jewelry. I do consignment with a couple of local stores
    but mostly I sell via word of mouth. I'm not trying to write off
    Expenses other than the cost of materials and supplies. I have all my
    receipts for what I've bought this year so I know my cost of
    materials. Inventory has me stumped...especially pieces that are
    already made up but not sold yet. Last year I just treated it as a
    hobby and wasn't able to take the cost of materials into
    consideration. This year I made about 3 times what I did last year
    and am trying to turn it into a small business. I'm especially
    confused about inventory...how to cost it... Any help would be
    greatly appreciated. I've always done my taxes with Turbo tax and am
    not big enough to head out to an accountant yet. 

Thanks,
Liz

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