Just because you don’t pay sales tax doesn’t mean that you aren’t responsible for paying it. Let’s define “use tax”.
Accounting
A New Change in Tax Rules: Meal Deductions
Starting January 1st, 2021 through December 2022, designers can claim 100% of their meal expenses paid to restaurants. That’s right, 100%!
Top 10 Tax Deductions for Interior Designers
With all the extra stress we’ve all been through last year because of the pandemic, we understand how frustrating taxes can be. Thanks to these 10 tax deductions, interior designers can save a lot of money in taxes.
Selling Outside Your State and Multi-State Sales Tax
Designers should always ask themselves, “Am I selling more than $50k worth of goods or services in a state in which I am not registered?” If you answered yes to this question, it might be time to look at nexus thresholds for that particular location and multi-state sales tax.
Our Accounting Workflow for Interior Designers
Here are our best practices when it comes to interior design payment and order tracking in order to stay on top of your game.
Didn’t qualify for PPP? Here’s a List of Other Loan Options for Designers
If you did better in 2020 but could really benefit from additional resources, here is a list of loans that do not require reduced income.
10 Financial Questions Designers Should Be Asking Themselves
To start the conversation and head into 2021 with a strong outlook and trajectory for your interior design business, here are some questions for you to ask yourself.
Better Bookkeeping for Interior Designers
Our very own Marissa Jones explains how designers can practice better bookkeeping. You can find the full webinar below, but here is a quick guide if you are short on time.
QuickBooks Online Accounting with Ivy/Houzz Pro for Interior Designers
Interior design is a unique challenge, especially when it comes to accounting, but the geniuses behind Ivy/Houzz Pro have figured it out, and the best part is that it integrates with QuickBooks® Online (QBO).
How a Bookkeeper Can Increase Your Design Firm’s Bottom Line
The main reason a business should hire a bookkeeper is to produce accurate key figures needed to make better financial decisions and ultimately increase the design firm’s bottom line.
How 1099 Filings Are Changing This Year & How It Affects Interior Designers
There are some changes being made through the IRS regarding 1099 (1099-NEC and 1099-MISC) that are effective for 2020’s filing.
CDTFA Publication for Interior Designers
California Department of Tax and Fee Administration (CDTFA) documentation on sales and use tax regulations for interior designers and decorators.
New District Use Tax Collection Requirements for All Retailers
Requirements for certain out-of-state retailers. The new use tax collection requirement is not retroactive and applies only to sales made on and after April 1, 2019.
Managing Last Minute Tax Savings For 2018
Are you closing out 2018 and realizing that your taxes are still too high? It’s not too late! There is still time to make a few last-minute moves to lower that tax bill.
Do I Need to File a 1099?
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.
List of Ivy Updates for Our Busy Designers
As most of you are extremely busy running your business, we have compiled a quick list of the most important recent updates to Ivy and how they can best help run your business.
Sales Tax Changes Companies Must Know
Sales and use tax is always evolving. It evolves to keep up with new industries, to meet the changing needs of a state, or one of countless other factors. It’s a complex thing.