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.
Been there, done that. In Canada things are set up a little differently but the beastly government/banks, etc. would have everyone bankrupt before you even get started. Stay organised, and get an administrative routine set from the start and you wont fall behind or get too overwhelmed as time goes on. Congratulations and best wishes-God Bless your vision, your efforts and your dream.
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