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03-15-2014, 10:53 AM | #1 |
YT 1000 Club Member Join Date: Jun 2013 Location: NJ
Posts: 1,354
| Crafters- insurance and taxes questions I'm looking into selling the car tethers I posted about in the general discussion forum, and I'm having a hard time figuring out what I need to do. Right now I plan on it being very small scale, just me, not a lot of materials, and not much profit. No one will come to my house. I don't need my materials or anything covered. 1. I know I need liability insurance, where can I get it? About how much will it be? So far I've found RLI, but it looks like it's at least $200+ a year, I don't think I'd sell enough to cover it. 2. At what point do I need a tax number? If I'm not making much can I just treat it as regular income? 3. Anything else I need to know? I'm completely overwhelmed, I'm trying to figure out how to do things the right way so I don't get in trouble later and I can't find any clear cut answers. |
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03-15-2014, 11:06 AM | #2 |
♥ Maximo and Teddy Donating Member Join Date: Jun 2009 Location: Northern Virginia
Posts: 25,041
| You do need to register for state and federal tax id numbers. Here is the info for NJ: http://www.state.nj.us/treasury/taxa...ales/anj11.pdf I didn't read to see if NJ charges a fee to register. I pay an annual fee for my LLC registration, but I can't remember if that is connected or required for my state sales tax id. The Fed is free. You are required to collect tax from customers in NJ. I asked my retired lawyer dad about liability insurance and if you would be at risk. His response was, "Potentially." As you wrote, your grandmother had to have it for her ceramics. You can thank a lawyer. I hope you can find someone at the business center to give you free legal advice.
__________________ Kristin, Max and Teddy |
03-15-2014, 11:20 AM | #3 |
YT 1000 Club Member Join Date: Jun 2013 Location: NJ
Posts: 1,354
| Thanks I contacted this place to try to get some free counseling, hopefully they'll call next week NJSBDC - Start A New Business, Starting A Small Business In New Jersey, NJ I'm also going to try asking this place if they offer any much smaller policys, I don't need most of the included stuff and won't sell anywhere near $50,000. https://www.actinspro.com/annual_policy |
03-17-2014, 09:47 AM | #4 |
YT 1000 Club Member Join Date: Jun 2013 Location: NJ
Posts: 1,354
| RLI won't cover it and actinspro doesn't have any policies for less than $265. I guess the only thing I can do is contact all state. |
03-17-2014, 11:55 AM | #5 |
Donating YT 2000 Club Member Join Date: Jun 2011 Location: Mesquite, TX
Posts: 2,659
| I don't know about the insurance- I personally don't have any. Can you explain to me why you need it, what its for, is it your state requirement?? My husbands company carries insurance but its required by our contractors on each job in case anything happens on a job site (hes a plumber). We have a separate rider that covers out office and anything stored in it (including my machines and materials) As for the taxes, in Texas, if you charge sales tax, you have to have a sales tax ID number. Then you have to pay in/file quarterly (because you aren't making over a certain amount each month). Using my sales tax ID, I become tax exempt for items I will use to make the things I sell (ie fabric, thread, needles-pretty much anything I use to make my quilts). I fill out a resale certificate with my information and take it to the places I shop, like Joann's, Hobby Lobby, Hancocks, etc and they do a tax exempt sale for me. My requirements for sale tax filing and paying in are that when I sale a quilt, I have to have an invoice with a separate line item that is tax. It can not be included in the final lump sum price. I have not started charging my customers sales tax, as I don't want to have to pay in sales tax, although I did have to file my quarterly report for last quarter, but since I collected nothing, I just filed zeros on the report.
__________________ "You've never learned to live until you've done something for someone for which they can never repay you."~Ralph Hall. Last edited by McheleM; 03-17-2014 at 11:58 AM. |
03-17-2014, 12:45 PM | #6 |
YT 1000 Club Member Join Date: Jun 2013 Location: NJ
Posts: 1,354
| I don't have to have insurance, but I'm afraid to not have it. If the tether failed and the dog hit someone or damaged the car the person could sue me for the dog, their medical bills, and car repairs. Even if the case gets thrown out it would cost me money to settle. My grandmom had to have it for her ceramics incase it damaged someones furniture or the wiring caused a fire. |
03-17-2014, 02:00 PM | #7 | |
Donating YT 2000 Club Member Join Date: Jun 2011 Location: Mesquite, TX
Posts: 2,659
| Quote:
Yeah I don't have that problem with quilts lol. Its ridiculous that you even have to worry about it, but I can understand the desire to protect yourself.
__________________ "You've never learned to live until you've done something for someone for which they can never repay you."~Ralph Hall. | |
03-17-2014, 06:01 PM | #8 | |
I♥PeekTinkySaph&Finny Donating Member Join Date: May 2009 Location: Baltimore, Maryland
Posts: 18,865
| Quote:
What about a waiver thingy.... where you print a statement with the clause 'Use at your own risk'? Or 'Not guaranteed if the car is in motion' bc someone may not hook it in correctly either....
__________________ Kat Chloe Lizzy PeekABooTinkerbell SapphireInfinity | |
03-17-2014, 09:02 PM | #9 |
Donating YT 2000 Club Member Join Date: Jun 2011 Location: Mesquite, TX
Posts: 2,659
| Thanks. Now I have to go buy insurance in case someone snuggles themself to death in one of my quilts.
__________________ "You've never learned to live until you've done something for someone for which they can never repay you."~Ralph Hall. |
03-17-2014, 09:12 PM | #10 |
♥ Maximo and Teddy Donating Member Join Date: Jun 2009 Location: Northern Virginia
Posts: 25,041
| This is an old thread, but I think it speaks to your concerns -- ShowGirlLola: Forum Topic - Who in Etsy has liability or crafters insurance and do I need it?
__________________ Kristin, Max and Teddy |
03-17-2014, 09:41 PM | #11 | ||
YT 1000 Club Member Join Date: Jun 2013 Location: NJ
Posts: 1,354
| Quote:
Quote:
I was going to say only hook it to a harness and only intended to keep the dog out of your way. I agree, it's ridiculous but people seem to be sorely lacking in common sense and personal responsibility. | ||
03-18-2014, 05:31 AM | #12 |
I♥PeekTinkySaph&Finny Donating Member Join Date: May 2009 Location: Baltimore, Maryland
Posts: 18,865
| Maybe market this as a 'car leash' as opposed to a seat belt restraint, ie: will keep doggie in his seat while you drive... not intended as a safety device in an accident. I say this because the correct type harness is just as important as the leash part, so no guarantees can be made. Or that this can be used 'with' a car restraint device... ie car seat or kennel... etc. D'oh! I see you said that already! Lol too early!
__________________ Kat Chloe Lizzy PeekABooTinkerbell SapphireInfinity Last edited by kjc; 03-18-2014 at 05:33 AM. |
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