Our winter has been like everyone elses...........cold and wet! It's SuperBowl Sunday so I just wanted to quickly say today that I wil be changing the name of my blog.
I hope to make a few other changes as well. I have so many creative drives and I have so many projects I've complete that I want to show you. It'll take me some time but it'll be a fun process and it'll be a much better blog.
Thanks.
Sunday, February 3, 2008
Darlilng Little Illusion Knit Tote
This is a darling little illusion knit tote using a strand of yellow and a strand of white acrylic yarn. You can see the fleur di lei pattern at a slant. I lined it with a pretty little yellow, green, pink line plaid. It is 100% cotton. I used cute large button to attach the handle. Measurements are approximately: 12" X 11" and handle measures: 21" The back is knitted in garter stitch. Click on photos to enlarge
All my designs are copyrighted and not for reproduction without my consent. You may use my idea for your own use but not for resale. copyright 2008
Thursday, October 11, 2007
Ebay Selling Do you have to pay taxes when you sell on Ebay?
Kristine A. McKinley, CPA July 5, 2007
If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It doesn't matter if it's just a hobby or if you are trying to build a business.
Generally, any income you receive from all sources is subject to income tax unless it is specifically exempt by law (hint: eBay profits are not exempt by law). That means that a lot of activities that you might not think of as taxable, such as garage sale income, gambling winnings, and yes – eBay profits – are taxable.
You must file a tax return if your net earnings from self employment are $400 or more. You are self employed if you carry on a trade or business for profit. If you are selling on eBay with the intent of making a profit, then you are self employed.
To report your earnings, you should file Form 1040, and attach Schedule C or C-EZ. Schedule C is used to calculate your net profit or loss from your business, which is then reported on your Form 1040.
At this point, you may be thinking "I don't run a business; I just sell on eBay as a hobby". Unfortunately, income from hobbies is taxable as well. Even worse, you can only deduct expenses up to your hobby income, which means losses are not deductible.
There are several tax advantages to selling on eBay. Personal expenses, such as the use of your car, home or computer may become partially deductible, retirement savings plans can shelter part of your eBay income from taxes, and you may be able to hire your family to help shift income to members in a lower tax bracket. So even if you only sell a few items on eBay, not only are you required to report your eBay earnings, it may even help you reduce your income taxes by taking advantage of tax opportunities available only to small business owners.
Finally, there is a common misconception that if you did not receive a 1099 or W-2, you are not required to report your income. This is not true. All income is reportable, regardless of whether you receive a form or not. EBay is only a facilitator of the auction; therefore you will not receive a 1099 from eBay reporting your sales.
Another great article! What Should I Sell?
Copyright © 2007 Arstandcraftsdotcom.blogspot.com - an online arts, crafts, knitting and marketing Ebay business source. All rights reserved.
Kristine A. McKinley, CPA July 5, 2007
If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It doesn't matter if it's just a hobby or if you are trying to build a business.
Generally, any income you receive from all sources is subject to income tax unless it is specifically exempt by law (hint: eBay profits are not exempt by law). That means that a lot of activities that you might not think of as taxable, such as garage sale income, gambling winnings, and yes – eBay profits – are taxable.
You must file a tax return if your net earnings from self employment are $400 or more. You are self employed if you carry on a trade or business for profit. If you are selling on eBay with the intent of making a profit, then you are self employed.
To report your earnings, you should file Form 1040, and attach Schedule C or C-EZ. Schedule C is used to calculate your net profit or loss from your business, which is then reported on your Form 1040.
At this point, you may be thinking "I don't run a business; I just sell on eBay as a hobby". Unfortunately, income from hobbies is taxable as well. Even worse, you can only deduct expenses up to your hobby income, which means losses are not deductible.
There are several tax advantages to selling on eBay. Personal expenses, such as the use of your car, home or computer may become partially deductible, retirement savings plans can shelter part of your eBay income from taxes, and you may be able to hire your family to help shift income to members in a lower tax bracket. So even if you only sell a few items on eBay, not only are you required to report your eBay earnings, it may even help you reduce your income taxes by taking advantage of tax opportunities available only to small business owners.
Finally, there is a common misconception that if you did not receive a 1099 or W-2, you are not required to report your income. This is not true. All income is reportable, regardless of whether you receive a form or not. EBay is only a facilitator of the auction; therefore you will not receive a 1099 from eBay reporting your sales.
Another great article! What Should I Sell?
Copyright © 2007 Arstandcraftsdotcom.blogspot.com - an online arts, crafts, knitting and marketing Ebay business source. All rights reserved.
What to Sell on Ebay.......Your Complete Guide to Auction Sales
Kathy AndersonJuly 8, 2007
It's a good idea to gain experience by being an Ebay customer first. That way you can learn what your customers will do and what they go through to purchase from you when they win your auctions.
Check to see what others do about shipping and handling and their other purchasing requirements. Get very familiar with how Ebay operates; their dos and don'ts. DON'T begin by going out and buying a bunch of wholesale products until you know your niche and/or know what you want to sell and how WHAT you have chosen does sell.......good or bad.
The best thing to start with is your own used goods; as I've mentioned before. Take shipping into consideration. The buyer will pay for shipping if you set it up that way. But remember they don't like papying those high shipping fees either. Keep things small and light weight. They really are the best and the easiest, for beginners at least. Paper products, craft supplies, etc.; things one pound and under makes life easier for you and the experience is invaluable. Selling small items, used and small gifts you have no use for any longer, etc. makes for low risk of any capital and all you'll risk is some small ebay fees.
Everything is for sale. Anything sells on Ebay. You might be surprised so spend some time searching and shopping on Ebay. Don't forget to check the "completed listings" box in the left hand column to see what things actually sold for.
Maybe you have a hobby or some interest that could bring in a few dollars for you. Hobby supplies or craft supplies can be just right if it's your interest. You don't need to sell high priced items to make some money. It doesn't need to be large pieces of painted furniture, outdoor patio furniture or heavy kitchen faucets!
Don't go out and buy hundreds of the latest hot item selling on Ebay. There's already too many people doing just that. You can sell these items and this type of thing later after you've gained some experience. There's plenty of import companies to buy directly. Wait and do that after you've got some experience under you belt.
It's always good to know something about what you sell. There's lots of collectors buying on Ebay. People collect just about everything. Become knowledgeable about a few collectibles. The Internet is an endless source of information.You can then, after some experience, try a larger dollar item. Remember you have to sell a lot of small priced items to make enough money to call it a real income. You'd need to sell 100 of a $2.00 item to make $200 or five $40 items to make $200. Less work for the same dollar amount.
Sometimes selling sets can bring you more money than parting out and sometimes visa versa. For instance, a set of dinnerware sold by piece may bring in more money that selling the set. Sometimes the whole set will sell better. Sometimes lots sell better when it's sold in categories. Keep same kind together. Do your homework and see how what you want to sell sells best. Use Ebay to help you make money on Ebay.
Watch Ebay auctions for large lots. You can buy the whole lot and then break the lot down into smaller lots and sell them to people wanting the item but don't want that many. Also look for misspelled description words. I'll write another article on that subject later.
You simply need some market and product knowledge. Know your product and do your homework. You will be competing with many sellers just like yourself. Make sure you know exactly what you're buying for resale so you can write a smart description and have the information. More info later on writing a good description.
There are some areas that take a lot of money to get into; electronics being one of them. There are also many many sellers in this catagory. Let's not forget the vintage catagory. That's one of my favorites. There's vintage everything. And vintage everything can be found everwhere.....garage sales, second hand stores, thrift stores and flea markets. Don't overlook this catagory.
I have not gotten into drop shipping myself but it is another strategy used by many new sellers. I cannot recommend working with drop shippers because I don't have the experience with them but I have heard many can be unreliable. And don't forget, it's your feedback and reputation on the line. Same with selling for your friends. If you do so, make sure you do the shipping. The faster you get the item in the mail the better. I very very often ship the same day or next day the item is fully paid for. I have impeccable feedback because of this. I would not and cannot recommend this way of finding product.
Ebay has a list of hot selling items. Look for it in their site map. Here's their link. http://pages.ebay.com/sellercentral/whatshot.html. Do make use of it. Maybe you'll find that one something you want to try selling and may already have. I do know that it is an Ebay requirement that if you sell clothing, it needs to be cleaned and in good repair. You need to state in the description if there's any defects. That's ok, BUT the items needs to be clean.
Here's a few ideas for you:
New and used clothing, Military and history items,auto parts, maps, art prints, calendars, pictures, fabric, old greeting cards, dishes. Just to name a very few. There's too many to mention. It's a good idea to specialize or find a niche market and learn everything about it and work it till it runs dry for you.
Now, if you've opened your Ebay account, don't forget to open your PayPal account.
More later on this topic
Copyright © 2007 Artsandcraftsdotcom.blogspot.com - an online arts, crafts, knitting and marketing Ebay business source. All rights reserved.
Kathy AndersonJuly 8, 2007
It's a good idea to gain experience by being an Ebay customer first. That way you can learn what your customers will do and what they go through to purchase from you when they win your auctions.
Check to see what others do about shipping and handling and their other purchasing requirements. Get very familiar with how Ebay operates; their dos and don'ts. DON'T begin by going out and buying a bunch of wholesale products until you know your niche and/or know what you want to sell and how WHAT you have chosen does sell.......good or bad.
The best thing to start with is your own used goods; as I've mentioned before. Take shipping into consideration. The buyer will pay for shipping if you set it up that way. But remember they don't like papying those high shipping fees either. Keep things small and light weight. They really are the best and the easiest, for beginners at least. Paper products, craft supplies, etc.; things one pound and under makes life easier for you and the experience is invaluable. Selling small items, used and small gifts you have no use for any longer, etc. makes for low risk of any capital and all you'll risk is some small ebay fees.
Everything is for sale. Anything sells on Ebay. You might be surprised so spend some time searching and shopping on Ebay. Don't forget to check the "completed listings" box in the left hand column to see what things actually sold for.
Maybe you have a hobby or some interest that could bring in a few dollars for you. Hobby supplies or craft supplies can be just right if it's your interest. You don't need to sell high priced items to make some money. It doesn't need to be large pieces of painted furniture, outdoor patio furniture or heavy kitchen faucets!
Don't go out and buy hundreds of the latest hot item selling on Ebay. There's already too many people doing just that. You can sell these items and this type of thing later after you've gained some experience. There's plenty of import companies to buy directly. Wait and do that after you've got some experience under you belt.
It's always good to know something about what you sell. There's lots of collectors buying on Ebay. People collect just about everything. Become knowledgeable about a few collectibles. The Internet is an endless source of information.You can then, after some experience, try a larger dollar item. Remember you have to sell a lot of small priced items to make enough money to call it a real income. You'd need to sell 100 of a $2.00 item to make $200 or five $40 items to make $200. Less work for the same dollar amount.
Sometimes selling sets can bring you more money than parting out and sometimes visa versa. For instance, a set of dinnerware sold by piece may bring in more money that selling the set. Sometimes the whole set will sell better. Sometimes lots sell better when it's sold in categories. Keep same kind together. Do your homework and see how what you want to sell sells best. Use Ebay to help you make money on Ebay.
Watch Ebay auctions for large lots. You can buy the whole lot and then break the lot down into smaller lots and sell them to people wanting the item but don't want that many. Also look for misspelled description words. I'll write another article on that subject later.
You simply need some market and product knowledge. Know your product and do your homework. You will be competing with many sellers just like yourself. Make sure you know exactly what you're buying for resale so you can write a smart description and have the information. More info later on writing a good description.
There are some areas that take a lot of money to get into; electronics being one of them. There are also many many sellers in this catagory. Let's not forget the vintage catagory. That's one of my favorites. There's vintage everything. And vintage everything can be found everwhere.....garage sales, second hand stores, thrift stores and flea markets. Don't overlook this catagory.
I have not gotten into drop shipping myself but it is another strategy used by many new sellers. I cannot recommend working with drop shippers because I don't have the experience with them but I have heard many can be unreliable. And don't forget, it's your feedback and reputation on the line. Same with selling for your friends. If you do so, make sure you do the shipping. The faster you get the item in the mail the better. I very very often ship the same day or next day the item is fully paid for. I have impeccable feedback because of this. I would not and cannot recommend this way of finding product.
Ebay has a list of hot selling items. Look for it in their site map. Here's their link. http://pages.ebay.com/sellercentral/whatshot.html. Do make use of it. Maybe you'll find that one something you want to try selling and may already have. I do know that it is an Ebay requirement that if you sell clothing, it needs to be cleaned and in good repair. You need to state in the description if there's any defects. That's ok, BUT the items needs to be clean.
Here's a few ideas for you:
New and used clothing, Military and history items,auto parts, maps, art prints, calendars, pictures, fabric, old greeting cards, dishes. Just to name a very few. There's too many to mention. It's a good idea to specialize or find a niche market and learn everything about it and work it till it runs dry for you.
Now, if you've opened your Ebay account, don't forget to open your PayPal account.
More later on this topic
Copyright © 2007 Artsandcraftsdotcom.blogspot.com - an online arts, crafts, knitting and marketing Ebay business source. All rights reserved.
Saturday, September 8, 2007
New Circle Square Illusion Shadow Knit Pattern Sample
Ok, I finally got the new pattern finished and decided to post it before I actually made it into something. It's better but I think it's still too elongated and I think if I was to make it big enough to include 4 squares, it would be nicer and maybe make more sense. There's the square and then the circle inside the square and then a square inside the circle. I'll use this pattern on something.......not sure what and then will post it so you'll see the full pattern.
Another beautiful day here in Seattle. Just beautiful. Don't even know if it got to 70 but it came close and nice and sunny, too.
We went to the state fair all day yesterday, the weather was perfect, and we found this wonderful embroidery technique done by a Chinese family. Their web site is www.silkart.ca. Make sure you read about how the embroidery is done. The thread they use is so so thin you can hardly see it and it makes for exqusitely detailed work and vibrant colors.
Here's the new pattern. And another view.
I'm working on the same pattern but still trying to make it less elongated and more of a circle. There's more ideas floating around in my head that I want to try, too. So stay tuned.....
Just thought I'd show off my little grandsons. Here's one. One at a time.
This is little Ethan something just under 1 year old.
I better get back to work knitting and designing. I need to list a few more things in my Ebay store, too. I have a few more purses/totes I can show you, too.
Till next time................BYEEEEEEE
Another beautiful day here in Seattle. Just beautiful. Don't even know if it got to 70 but it came close and nice and sunny, too.
We went to the state fair all day yesterday, the weather was perfect, and we found this wonderful embroidery technique done by a Chinese family. Their web site is www.silkart.ca. Make sure you read about how the embroidery is done. The thread they use is so so thin you can hardly see it and it makes for exqusitely detailed work and vibrant colors.
Here's the new pattern. And another view.
I'm working on the same pattern but still trying to make it less elongated and more of a circle. There's more ideas floating around in my head that I want to try, too. So stay tuned.....
Just thought I'd show off my little grandsons. Here's one. One at a time.
This is little Ethan something just under 1 year old.
I better get back to work knitting and designing. I need to list a few more things in my Ebay store, too. I have a few more purses/totes I can show you, too.
Till next time................BYEEEEEEE
Thursday, September 6, 2007
A New Day and a New Pattern
I haven't posted for a few days.....what's wrong with me!? LOL I have been busy working up a new illusion shadow knitting pattern. I will take a picture and post it before I make it into a purse or tote then maybe you can see the patter much better. Maybe maybe not. To be honest with you, I can't wait to show it off. It's suposed to be a circle within a square but with illusion knitting things get a little elongated. I'm working to fix that with the same pattern but done differently. I'm hoping to figure out how to create a real circle! Stay tuned......
Everyone likes to talk about the weather and it is really truly gorgeous here in the Northwest. Not hot but about 70 degrees and beautiful blue skies!
I am so close to finishing my lates illusion shadow knit design I should close and get to work. Stay tuned for the latest...........
Don't forget to check out my other posts. I will be showing you my portrait paintings and my primitive home decor that I've painted. AGAIN........stay tuned.
Tomorrow is the first day of our state fair so you know where I'll be all day.
B Y E E E E
Everyone likes to talk about the weather and it is really truly gorgeous here in the Northwest. Not hot but about 70 degrees and beautiful blue skies!
I am so close to finishing my lates illusion shadow knit design I should close and get to work. Stay tuned for the latest...........
Don't forget to check out my other posts. I will be showing you my portrait paintings and my primitive home decor that I've painted. AGAIN........stay tuned.
Tomorrow is the first day of our state fair so you know where I'll be all day.
B Y E E E E
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