Stash Report - Jan. 24th
No change for me this week. That means nothing added YAY! Not that I haven't been tempted. Suzanne over at Knots & Bolts is having a great clearance sale. I also haven't used anything this week to record yet. I am quilting, but mostly on little, scrappy projects. Those yardage used numbers will be added soon. So YTD...
7.5 yds added
6.5 yds used
-1 yard net
Ok.... I had an eye opener yesterday. I was working on my sales tax report (which I realized after I submitted it, I did wrong. Doesn't affect the amount I owe but geez....). I have to include tax on supplies I used for personal use. For me that means batting used for my own projects. I only finished 2 personal projects last year. Good Grief! I sew a lot so that tells you something. Yes, my flimsy pile has gotten quite large. 2010 - The YEAR of the UFO!
7.5 yds added
6.5 yds used
-1 yard net
Ok.... I had an eye opener yesterday. I was working on my sales tax report (which I realized after I submitted it, I did wrong. Doesn't affect the amount I owe but geez....). I have to include tax on supplies I used for personal use. For me that means batting used for my own projects. I only finished 2 personal projects last year. Good Grief! I sew a lot so that tells you something. Yes, my flimsy pile has gotten quite large. 2010 - The YEAR of the UFO!
Comments
On the tax issue, I don't know your state's rules, but generally, you don't pay sales tax while buying items used for resale, if you have a permit. They assume that you are charging sales tax to the purchaser. So, if you pull supplies for personal use, they sure want their money on it.
Heck, some states are requiring you to calculate tax on items you bought out of state or via the internet (a use tax). If you don't track those purchases, they let you estimate the use tax based on your income!
Liz