Jan 24, 2008

"I don't want to deal with collecting sales tax"

I hear this all the time from people who are afraid the take the leap and start their own ScrapBiz. You know what? It's not as hard as some people make you think it is. I just did my annual tax return in 20 minutes. I spent another 30 minutes sorting my information in Excel. Total time spent was LESS than an hour and I only have to file once a year and I do it online.

The key is keeping good, usable records throughout the year (and sticking the sales tax you collect into a savings account so it's there when you owe it) so that you don't spend 5 hours sorting through receipts. A few minutes a month of bookkeeping and half an hour in January to file and it's done!

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