Thread: Home business
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Old 01-14-2005, 07:41 AM
Stacyjh Stacyjh is offline
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Default Re: Home business

You should keep track of all your income from the classes(if you decide to charge) and the toys. Keep a list with the customer name, date, check number, amount, and what they paid for. You will probably have to collect sales tax on the toys, so you will have to keep track of this as well. Once a year you will have to send in your sales tax to the state. It's not too difficult. Keep your bookkeeping simple. This will save you time and you will have less confusion. I would also set aside a time each month, week, or day(depending on how long it takes) to make sure you keep your books stay up to date. Another thing that will help keep your business separate is to open a separate checking account. This may not be nessessary at first, but as you grow it will become helpful, so I would just do it from the beginning. Good luck and let us know how it goes.
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