[Jewelry making - Article 00081] - Re: [Orchid] Whether or not to get a tax id

[Karen Christians]

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    Massachusetts certainly has odd laws. Metalwerx now has to pay $1100
    a year for workman's compensation for every teacher and contract
    worker that teaches or helps out in our school. That is for one day
    or five days, doesn't matter. It's the only state that requires all
    contract workers to have it. I spoke to the director of Dept. of
    Industrial Accidents who told me that the state definition of
    "employee" is that if a gerbil spent a minute running across your
    floors, it would need WC. Great. I'm so relieved that the mouse that
    moved into my back cupboard can claim workman's comp if I catch him
    in a trap and rush him to the ER! 

    Anyway, all businesses deal with inventory, that's why you see
    Inventory Sales, to reduce their tax liability for the inventory
    they have. The tax has to be paid someplace. Your accountant might
    just not think that a jewelry business needs to deal with inventory.
    A store yes, but an individual, no. it's just another way to show the
    IRS, YES, I am a business! 

    Here's another little tidbit, but this is a state by state issue. If
    you have a nice business selling jewelry and only a simple will, your
    heirs will be paying up the nose in probate. 

Hope this helps,

-k
M E T A L W E R X
School for Jewelry and the Metalarts
50 Guinan St.
Waltham, MA  02451
781 891 3854
www.metalwerx.com
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