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How to accept money at craft fairs. Do you have to collect sales tax? How to process credit cards
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- เผยแพร่เมื่อ 8 ส.ค. 2024
- Learn methods of collecting payments at craft shows like credit cards, pay pal and square readers. Find out if you need to collect sales tax on your earnings.
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Thank you! No one ever talks about the business/tax side of all this when it's so important!
Thank you so much for your thorough video. You’re helping decrease my over the top anxiety before doing my first craft fair. I’m a new follower of yours. Thanks 🙏 😊
I’m having my first vendor event soon and this was so helpful! Answered a lot of questions I had. Thanks for sharing this information! 💕
Very informative, you answered many of the questions I had. Thank you!
This is so very helpful, thank you!!
Very helpful. Thank you!
Very helpful! Thank you ❤
Great information. Thank you.❤️
I'm loving your videos. What are your thoughts about Venmo?
do you pay sales tax on the rate where your shop is, or where the craft fair is?
Thank you so much! Im having my first craft show this month. I would like to know after craft shows how can i pay sale tax to the state? I live in Maryland.
I meant is it something you pay per month per craft show? Or just pay when you pay income tax?
The card readers and PayPal charge a fee to use so I expect to potentially pay a small fee as well as the tax when using a debit or credit card.
She said it plugs into your headphone Jack but what if your iPhone doesn't have one?
What are your thoughts about the PayPal Zettle payment systems.
I’ve never used zettle. PayPal has always worked well for me!
Do I need to use square inventory to take payments, or can I just put in the amount for each sale?
Idk if you still need the answer but you can just input the amount..however I recommend at least creating items with prices because it makes it easier for you to check people out and the receipt will have that description..also helps you keep track of what sells best!
I think some people who only do a few craft shows a year for some extra money do not have to charge sales tax- doing craft shows as a business and doing a craft show occasionally- is a huge difference as it relates to tax reporting - just like garage sale money you make a few times a year is not taxable income -
It's all taxable.
It might depend on your state.
Thank you for the information! You mention not charging the customer sales tax when they pay cash but you didn't say anything about when they pay with credit cards? You are already paying a fee for them to use the card, so shouldn't they pay the sales tax?
Yes that’s a good point. I just like to remain consistent at a craft fair. Otherwise it would be weird to charge the people paying with cards more $$
@@acgnome8183 I agree- don't want to hassle with adding tax to the posted price. But- am I supposed to calculate the tax on what the customer paid or on the $18 and change- whatever the price would have been without tax added? I spoke to the local tax authority but they didn't seem to understand my question. So, for example, if I sell a product to a customer for $28, and the tax rate it 4.75%, do I say the "gross sales" (what they want on the tax reporting form) is $28 and pay $1.33 in tax, or $26.74, and pay $1.26 in tax? (For a sale as small as this, the difference is quite small, but I do want to do it correctly. thank you 😊
Ty very interesting.
Not real safe to use social security number for business license
Do you put so much away for taxes to send in or do you pay monthly
You just have to set aside all of the money you received in sales tax, and then send it in monthly!
@@mikkiberger ok ty
I just did got my licences.i paid $10. Its good to have all legal.just wondering if l get square. Do l have to pay monthly fees to have square .when i dont use it??
Square here is 2.6% plus 10 cents per transaction. No monthly fee
This is so helpful! Thank you!