The Other Side of the Tarot Business: Book Keeping etc.

Hi everyone

Just wanted to talk about the dreaded books (it is tax time coming up here) and wondered how others dealt with theirs.

We have talked about getting work, difficult clients, business cards, parties etc.

So the other side also includes: books, receipts, payments, phone calls, e-mails, making appointments, booking venues (if you run workshops), keeping your website updated, advertising, marketing etc.

Phew, after writing all that it seems the Tarot is the easy part

But in all seriousness if this is how you make your living then you have to declare your money.

At the same time I have been reading at home, parties, markets, shops (subcontract), phone, via my website and fairs. Now what I find the most draining is returning the phone calls, answering perspective clients questions, trying to arrange appointment times, write/book workshops, receive payments etc

Say a one hour reading costs $60, but then we have to remember the time outside of that: making the appointment, set up, meditation etc.

I am not sure where this thread is going, but I think it is important for anyone seriously thinking about this work their business then these are all the other factors involved!!

Thank goodness I have found a creative and understanding accountant.

Money needs to be put into: business cards, advertising (flyers/magazines/papers) and website.

I have found it easier at times to sub contract from a metaphysical shop due to the fact that they make the bookings and clients can walk in off the street. Oh and that you are there at a set time and day.

Working from home has its pit falls: people ringing at 9pm in the eve or 8am Saturday and Sunday mornings. Yes, there does not seem to be appropriate times for people to call and I do have a social life outside of my work too . People saying they can come to your house right at that moment. And, yes, it is a home too not just a business.

I, personally, never book anyone in immediately at home.

Working at home is great as you are in your own space. Combining that with a metaphysical shop is great especially if you are uncertain about someone coming to your home, you can just send them there.

Psychic Fairs and Markets I love due to the vibrancy and the collection of people. And the energy.

Workshops take a lot of planning: writing the workshop, finding a venue, advertising, getting participants, answering calls, booking etc.

So there is a lot to having a Tarot business

What have others to add or any questions to ask?

I am just starting a Tarot business, as some of you may know. Oh goodness, I am going to need some guidance at first!

I have never paid taxes before (I'm only 18, a senior in high school next fall and living at my parent's home until about fall 2007) so that is the part I am most worried about; book keeping! Especially since, as the "site manager" or whatever you want to call it, I will be doing the good majority of the book keeping... eek! Heh. At least my parents will support me somewhat.

So far, not much of the business is set up -- it's not a business yet! So I haven't done anything really to set it up yet. What are the steps I need to take? I tried to look them up on the Massachusetts website, and it was very confusing between which parts you need to do for if you have a business at your home or in a building that fall under the "fortune telling" catagory, and what you need to do for a website business that falls under that catagory.

I figured out that for at least the physical location bit, you need to call your local government (in my case, the Town Clerk) and get some sort of permit or liscence to set up your business... I'm not sure if this is the case for the online business! I am going to most likely just call my Tork Clerk anyway, and ask.



Also... what parts of running a business cost you money? Particularly the website business, as that is what I am going to be running.

I have a leg-up on the website business, as I will be creating the entire webpage myself! I have designed webpages and graphics professionally before, so I'm decent enough at them to make this website SO that part won't cost me a cent - just time! Yay!

I need a list of fees that you need to pay to have a fully-running (but still small) online business to estimate our costs. What can you think of for costs? So far I've just paid domain registration and server rental for a year, but I know there is a LOT more to be done!

keep receipts. It’s a business. Track all money in and out.

You may or may not be able to deduct your ‘costume’ (I don’t go there so I don’t know quite frankly).

Rent is deductible, fair fees are deductible, but you need to learn the laws of your own locality.

You know every so often you read about the police coming in and shutting down some psychic – newspapers always imply they should have been able to foretell their own future? Usually – failure to pay taxes trips them up.

read and learn your local tax codes.

How many here have to pay a sales tax for a service providied? Reading is a service no matter how you look at it. In some places services are taxed.

Deductions include the following(but check with a local accountant for your area) all adverstising, magazines or journals on business of tarot, education/classes, any and all supplies need for busines, travel cost to places and yes even tarot cards. Now this would be for both home and away but home has a few others. Electric, phone, insurance and there might be others depending on your local.

One should get a starting up business book for home business to help them out. There is also the professional tarot book that will help. I took a basic accounting course threw my comminity collage it helped alot. I have run 3 diffent businesses and each was in the same place but since they were different from each other needed certain things as required by local and state goverments. Keeping track of all expeneses is a Must.

Cybercat

**Track all money in and out.**

I have a question, Teach------how do you track your money "in" for the IRS? You don't give out receipts to your customers so you don't have copies of them, do you? (It's a serious question and I'm not being facetious.) Does the IRS accept it as a record if you just write the amount down each time someone gives you money, or write the total down at the end of the day? I haven't got a business set up so I haven't done any of this technical stuff. I just do cash on the barrelhead and haven't earned enough to pay taxes, but since people are discussing this, I thought my question might be pertinent to someone who does it on a bigger scale than I do.

Tracking money in and out, has to be done.

If I am working from a shop I write a receipt stating how much I made and the shop made. What the shop made is tax deductable (in Australia anways). So any room etc. that you hire for your work: the fee hire hire is tax deductable.

Lyric: in the case of subcontracting, my receipt would be made out to the shop with my ABN (Australian Business Number) on it. How many readings I have done, at what price in total. My total and the shops total.

Keeping a receipt book is essential.

Costumes can be tax deducted, if you are into the theatrical side (not my style...).

Tarot/Oracle cards, tables, chairs are amongst other things that can be tax deducted. I tax deduct things like crystals as they are an important part of my work. Oh and incense too and candles.

Website costs: if you design your own then great (can be time consuming), but you need to pay for domain hosting etc.

Hmmmmmmmmm......what else.....cybercat mentioned the basic accounting course, great idea. This would also be tax deductable.

Advertising, cards, flyers etc. cost you money Kimberly.

Talk with an accountant BEFORE you set up a business - it will help you in the long run.

Ask him:

Can you deduct the milage to drive to parties and faires and how much per mile.

Can you deduct your 'office' in part or in whole.

Equipment: is your PC, answering machine, etc. deductable. Can you write off the depreciation on these items?

Business supplies - stamps, envelopes

Office expenses - flyers, business cards, tarot decks, periodicals, a P.O. Box rental

Car repairs (if you only have one car and are claiming self-employment, some part of car maintanence is deductable.)

Pay taxes yearly or quarterly?

What is it called when you talk with the accountant about setting up your business?


A business consult?


I am looking up accountants in my town online, and they list their services, but I don't know what service it is that I need!



Silly me

I'm lucky. I can write things down, but basically, I don't have to do things.

On the legal part:
1) As a Tarot Consultant I don't have to subscribe as a business, it's considered a 'free' profession. So I don't have to do anything at the Chamber of Commerce.
2) I don't have to pay taxes unless I go over 400 euro's or more a month. I called 'our' IRS, and have all the papers ready but don't have to do anything, and they won't check me out. And if they do, I have the proofs.
3) I've done Workshops at the Community Center and they only pay you a token fee for your expenses, and it's plainly stated that it's not income -> so no taxes.

On the expenses:
I have free hosting with my provider
I make my own business Cards on postcards
I made my own website

So for me it's more a hobby I guess, although my clientele might grow.

Kahlie

The tax situation here is similar to the one Kahlie describes (our local IRS had a hard time when I showed up there the first time to tell them what I am doing. Apparently tarot readers do not show up there every day). I use my calendar with the appointments to keep track of the tarot related in and output.