In The Pink
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What are some of the other online payments besides Square?
I have always reported my online income as a second business, but I also write off a whole lot of mileage and other fees, so I essentially make nothing from it, and don't have to worry about what the companies report. Be aware that if you take your own payments, you will be responsible for sales taxes in every place you sell. If you use one of the biggies ( Ebay, Etsy, etc. ) they take care of that for you. If you have ever filled out a sales tax report, you will gladly pay the fees they get for this stuff.
Make sure you keep very good records of what you buy and use for your business. A trip to the P.O. is deductible for mileage, a yard of fabric is a write off, a dedicated sewing room can be, but beware of that one if you use it for personal use too.
Also, merchant accounts are not free, but do look into Square or some of the other easy set up ones. cheapest options for online, but make sure you have it set up to take online payments, they charge more if you don't have the credit card in hand, as fraud can be highter.
Kathy M. in CO
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