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#1
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On-line "Shop" closing
I'll be closing my Ruby Lane shop Dec 31-- several of the items that had been
listed there for quite awhile (a couple of them since I opened the shop) sold at a Gallery sale earlier this month-- to me, that says that the on-line venue has something "wrong" with it. All these "sold" items are still pictured on the last page of my listings-- all moderately priced, and the "economy" here in San Diego is no better than most places (especially after our recent firestorm), so I don't think it's the prices that discouraged sales. It has cost me "167%" of gross sales to be there for the 15 months since I joined-- this in spite of the "free" months they used to give every 6th month (which will now be once/year), and the "free listing days". I can no longer afford the "vanity", nor the "convienience" so will concentrate on my Eclectic Beadery shop (which has been sadly neglected), and perhaps look into another co-op and/or a personal website. Kaytee "Simplexities" on www.eclecticbeadery.com http://www.rubylane.com/shops/simplexities |
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#2
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It has cost me "167%" of gross sales to be there for the 15 months since I
joined-- Kaytee, remembert o right off EVERY CENT on your tax schedule C. Even losses and high costs can be a positive thing at tax time, if it saves you on the Self Employment tax bill. Sarajane Sarajane's Polymer Clay Gallery http://www.polyclay.com |
#4
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Oh, I plan to.... Would be nice to show a little profit after all the
deductions, though. Can't have too many years operating at a loss or break even.... Oh sure you can. Most small businesses operate that way forever. First DH and I had a business with 20 employees. We never showed a profit. My brother owns a gas station. If he can manage it, he never shows a profit either. Believe me, it's not an IRS flag to show no profit or small losses - it's run of the mill. Cheri Cheri (Bubbee to Emily and Nathan) |
#5
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In article ,
tars says... Oh, I plan to.... Would be nice to show a little profit after all the deductions, though. Can't have too many years operating at a loss or break even.... Oh sure you can. Most small businesses operate that way forever. First DH and I had a business with 20 employees. We never showed a profit. My brother owns a gas station. If he can manage it, he never shows a profit either. Believe me, it's not an IRS flag to show no profit or small losses - it's run of the mill. Beg to differ. If you go 5 straight years *without* showing at least some small profit, the IRS reclassifies your business as a HOBBY -- and you're liable for back taxes on all the other years as well, after those deductions are disallowed and your returns re-calculated. You don't have to show a *lot* of profit, but there must be some within a reasonable period of time. This is to prevent people from using a "business" which never makes any profit as a tax-evasion scheme. Celine -- Handmade jewelry at http://www.rubylane.com/shops/starcat "Only the powers of evil claim that doing good is boring." -- Diane Duane, _Nightfall at Algemron_ |
#6
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I was told it was 3 years by a personal accountant, and 2 H & R Block
associates. I was once a nanny for a woman that made a living with small businesses; she ALWAYS closed down after three years, because of this (I don't remember the details exactly, but she made a lot of money this way). -- Kyla "Just remember...if the world didn't suck, we'd all fall off." Beg to differ. If you go 5 straight years *without* showing at least some small profit, the IRS reclassifies your business as a HOBBY -- and you're liable for back taxes on all the other years as well, after those deductions are disallowed and your returns re-calculated. You don't have to show a *lot* of profit, but there must be some within a reasonable period of time. This is to prevent people from using a "business" which never makes any profit as a tax-evasion scheme. Celine |
#7
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Believe me, it's not an IRS flag to show no profit or small losses - it's run
of the mill. If you are self-employed, it really is a red flag if you haven't made a profit in five years. You apparently lucked out, Cheri. Carol in SLC My newest creation (12/5): http://members.aol.com/CarolinSLC/gwen1.jpg |
#8
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In article ,
tars (Cheri2Star) writes: Believe me, it's not an IRS flag to show no profit or small losses - it's run of the mill. Maybe once you're well established-- and/or have a business address separate from your home, but not if you are a "part-time, work at home" type business. Besides, even if the IRS allowed it, there's hubby to deal with.... "if you're not really making this a business, why do you need so many beads? why don't you get rid of all these junks (that's Hawaiian pidgin) and do something useful (ie-- contribute to the family's welfare in some measurable way)? when are you going to clean up this mess? what is this crunchy thing in the rice? why do you spend so much time on the computer? what!? another package?....." Kaytee "Simplexities" on www.eclecticbeadery.com http://www.rubylane.com/shops/simplexities |
#9
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That is a damn shame! You have some really really lovely pieces at very
reasonable prices. Paula "Kaytee" wrote in message ... I'll be closing my Ruby Lane shop Dec 31-- several of the items that had been listed there for quite awhile (a couple of them since I opened the shop) sold at a Gallery sale earlier this month-- to me, that says that the on-line venue has something "wrong" with it. All these "sold" items are still pictured on the last page of my listings-- all moderately priced, and the "economy" here in San Diego is no better than most places (especially after our recent firestorm), so I don't think it's the prices that discouraged sales. It has cost me "167%" of gross sales to be there for the 15 months since I joined-- this in spite of the "free" months they used to give every 6th month (which will now be once/year), and the "free listing days". I can no longer afford the "vanity", nor the "convienience" so will concentrate on my Eclectic Beadery shop (which has been sadly neglected), and perhaps look into another co-op and/or a personal website. Kaytee "Simplexities" on www.eclecticbeadery.com http://www.rubylane.com/shops/simplexities |
#10
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Kaytee -- I appreciate the report. It is good to know what is working and what
is not. Becki "In between the moon and you, the angels have a better view of the crumbling difference between wrong and right." -- Counting Crows |
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