Warning: Few Pictures and Lots of Rambling!
Okay, ever had one of those “What in the he** have I just done” moments? One that gives you anxiety attacks and keeps you up at night? Well, I think I had mine today.
All I did was open a business account at my bank. Yep, that’s it. However, that’s the elephant everything else is hiding behind.
I now have a Federal Tax ID, a State Tax ID, and am in the process of getting a Parish Tax ID & Occupational License. Have a lost my ever-lovin’ mind? I think I have.
This means I have to file State sales taxes every month (well for six months until the State sees I’m doing less than $500 a month in sales tax fees, then it goes quarterly) or be fined & I also have to file “occasionally” with the Parish (whatever OCCASIONALLY means).
I now need a website/on-line store & email address. “Official” ones. Not an online store where I’m selling my personal odds & ends. One were I’m actually selling a product I have purchased wholesale, tax-free, and with the sole intention of reselling for profit.
I now need suppliers.
I now need RECORDKEEPING – AAARRRGGGHHHH!!!!!
And did I mention, I have a 40 HOUR PER WEEK JOB!!!!!
Yes, on top of this Sole Proprietorship I’m starting, I work full-time. Weekends are devoted to playing around with my hobbies, spending time with my family, and trying to get my business started.
I set November 1st as my official anticipated start date of doing business, at least for State tax purposes. If you’ve been following my blog, you know that I’ve been a vendor at an antique mall since July. However, the owner of that mall collects and pays all sales tax for me. No worries there as I am an “employee” for tax-keeping purposes.
BUT, I have to file that income on my personal income tax return.
SO, to offset that additional, no-tax-withheld income, I need to file expenses. Ergo, I’m a business. I have income and expenses. Therefore, I need a method of keeping up with everything, therefore I need a checking account, and a “official” business. What a viscous cycle – and I WANTED this! That’s the why of all the tax ids I now have. WARNING: It starts small and then EXPLODES on you. All because I wanted I little “vintage” business & maybe a little “craft supply” business.
So, all THAT necessitated the above mentioned Business Checking Account at my bank. Which started this entire “I’m out of my every-lovin’ mind” mess.
All this for a business that doesn’t even have a net worth! I’m doing this for zero dollars and am in the hole now.
Oh, and did I mention that while my official start date is November 1, I’m having carpal tunnel surgery in a week, basically incapacitating my right hand for 6 weeks and when that is healed I’m having the same thing done to my left hand? So I will be virtually useless for 12 weeks. How can you sort & stock incoming supplies and mail outgoing orders if you are limited to one hand? Ain’t happening.
So it boils down to this: Yeah, I AM crazy & out of my mind. Wish me luck!
Wonder if it’s too late to stop the entire mess. I’ll pray on it – really. It’s going into God’s hands (as fast and as hard as I can give it up to HIM). Say a prayer for me please. I have no clue what I’m doing.
PS. If anyone can offer direction, sympathy, etc., it would be GRATEFULLY appreciated. I can't be the only one that has ever felt this way.