Notarealsignguy
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uh oh, you guys are on to me
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Thoughts about selling on etsy for side work?
- Thread starter soloinstaller
- Start date
Notarealsignguy
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are you gender confused too Gino? Be careful, that is against the law in some places
CanuckSigns
Active Member
We have an etsy store, it's completly separate from our business, we put up a few easy to make items like stencils, rubber stamps etc, all with premade designs. We don't sell a ton, about $1000 a year, it all goes into my kids RESP, so no its not worth it as a business, but for fun money it's something.
Now we put almost no effort at all into our etsy store, if we were to market it more aggressively and keep up with trending designs I'm sure we could make a good amount of money from it, but I don't have the time. I know of a few places who do custom decals similar to sticker mule, and they've built an entire business on etsy, it seems to work well for them. One thing I've found is you need to have standard designs, as soon as you start offering custom work, the public will suck your profit from you in revisions.
Now we put almost no effort at all into our etsy store, if we were to market it more aggressively and keep up with trending designs I'm sure we could make a good amount of money from it, but I don't have the time. I know of a few places who do custom decals similar to sticker mule, and they've built an entire business on etsy, it seems to work well for them. One thing I've found is you need to have standard designs, as soon as you start offering custom work, the public will suck your profit from you in revisions.
victor bogdanov
Active Member
I invest the money and the investments pay for any penalties. Another way to look at it is like having a very low cost line of credit. instead of taking a short term loan you can use the money you would've made quarterly payments with.
Instead of sending a Q1 and Q2 payments I can put a down payment on an investment property as an example. There are many advantages to paying once per year IMO.
victor bogdanov
Active Member
The craziest thing is when people are excited about a tax refund.... Congrats on loaning the government money interest free.
victor bogdanov
Active Member
Here is a specific example that I used the money for. Due to the material shortages I ordered about 6 months worth of a popular material I use back in October, it finally came in a few weeks ago. No loans or credit needed to buy all that, funded by the money I would've been sending for quarterly payments.
Johnny Best
Active Member
I use Little Jehu as my accountant, have not paid hardly any taxes in years.
Gino
Premium Subscriber
So, you view investing money into the government once a year..... as a line of credit by paying penalties ?? Hmmm, you sure are odd. I'd rather not pay any penalties now or later and invest in myself, rather than the government. You think paying the penalties outweigh doing it the correct way ??
So, 4 times a year, you make large purchases and then pay the government.... EXTRA, for being understanding. Yep, that's the ticket.
So, 4 times a year, you make large purchases and then pay the government.... EXTRA, for being understanding. Yep, that's the ticket.
victor bogdanov
Active Member
the penalties have been waived due to covid, just about anytime there is a Hurricane or flood in the city I live (just about every year) in I can get the penalty waived as well. One year I paid them and got a check months later because there was apparently some qualifying disaster in my area I was not aware of...
Notarealsignguy
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I do the same but only because I am kind of lazy and forget to pay them. I'll usually remember at some point during the year and pay 1 lump for a random quarter, then settle up at year end. Speaking of, I believe they are due on Monday? Maybe I can get it right this year
victor bogdanov
Active Member
Due Monday, that's when Q1 for this year is due also. Maybe I'll pay my q1 to make gino happy
victor bogdanov
Active Member
But can I make you angry or annoyed with my posts?
Gino
Premium Subscriber
No, not really. That would mean I was down on your level and you had some points of interest and we couldn't agree. You just say the dumbest things and then defend them by backpedaling and making up excuses. You're nothing but a liar. How can you be upset with someone who cannot speak any truth ?? You're just fun to play with. Like a cat playing a mouse to death. Anyway, I'm leaving in a little while, so have fun.
Scotchbrite
No comment
What I don't understand is, aren't you paying the same money whether it's quarterly or annually?
Notarealsignguy
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Yes. Do you know how many people don't understand that what you owe is what it is? You don't get a refund because you're a great person and you don't owe money because you were bad. Tax withholdings and estimated payments are just that, estimated. It's a tough concept for many.
victor bogdanov
Active Member
Yes, but instead of sending that q1 check on Monday you could invest it into something that will make you money by next year when taxes are due
Scotchbrite
No comment
So you still go thru the process of estimating the quarterly payment, but invest it instead of sending in the check. When I asked, I was thinking of it more like you were just blowing it off altogether until the end of year.
I would have a hard time with letting the penalties incur even if they ultimately waive them. I prefer to draw as little attention from the IRS as possible.