brown5052 Posted April 1, 2013 Share Posted April 1, 2013 I started my candle/soap making business in 2008. The first few years I lost money, then for a few years I broke even. Now I have finally made a small profit!:yay: I actually have to pay Social Security/Medicare taxes this year on my business income:laugh2: Quote Link to comment Share on other sites More sharing options...
Belinda Posted April 1, 2013 Share Posted April 1, 2013 Congratulations! I know that must be a great feeling. Good for you! Your hard work has paid off.I hope I'm there some day too!Belinda Quote Link to comment Share on other sites More sharing options...
Kitn Posted April 2, 2013 Share Posted April 2, 2013 Congratulations.. Quote Link to comment Share on other sites More sharing options...
brown5052 Posted April 2, 2013 Author Share Posted April 2, 2013 Thank you guys! I figure that of all the hours I have worked for these past few years, I may have made .01 an hour. But I have finally made a profit and I'm very happy with that and the joy that I get when I'm doing my craft is absolutely priceless! Quote Link to comment Share on other sites More sharing options...
Lumina Posted April 2, 2013 Share Posted April 2, 2013 That is great news. I am still working on making a profit but I know it will come someday. Quote Link to comment Share on other sites More sharing options...
FaithfulScenter Posted April 2, 2013 Share Posted April 2, 2013 Congrats! What a great feeling that must be! Quote Link to comment Share on other sites More sharing options...
redraider Posted April 3, 2013 Share Posted April 3, 2013 Wonderful!! That makes it all worth while. I still try to find enough deductions to keep from having a profit. 50% of my vehicle, my cell phone bill, and some other things but I have to admit, it would be great to have enough income to still show a profit after all that. If I show a profit going into December and I know there is some equipment I need the upcoming year I will go ahead and by it so I can expense it. Spent all my profits on a 200 pound wax melter this year but it will sure help this fall when things get crazy. I am an accountant by trade so I tend to be way to analytical in the candle business. Drives my partner/sister nuts since she is the artsy crafty person in the business. But she has learned to by more like me and I have actually learned to have fun and relax. Quote Link to comment Share on other sites More sharing options...
brown5052 Posted April 3, 2013 Author Share Posted April 3, 2013 I did all the deductions possible including a portion of my property taxes, my electric bill etc. I just couldn't find any more deductions! I even purchased four stainless steel tables and two 72" tall stainless steel wire racks, bought a bunch of oils and loaded up on wax. I just plain made a profit last year and this year so far is starting off well, so maybe I'll get to quit my day job sometime in the future. Quote Link to comment Share on other sites More sharing options...
puma52 Posted April 4, 2013 Share Posted April 4, 2013 Congrats Brown!!!! Hope you make tons of money this year!! Keep up the great work!! Quote Link to comment Share on other sites More sharing options...
cynthia3030 Posted April 4, 2013 Share Posted April 4, 2013 Congratulations and continued success!!! Quote Link to comment Share on other sites More sharing options...
redraider Posted April 4, 2013 Share Posted April 4, 2013 Happy, Happy, Happy!! Good to know there is hope for us!! Quote Link to comment Share on other sites More sharing options...
moonshine Posted August 26, 2013 Share Posted August 26, 2013 I am very happy to hear you made a profit- question though for those of you who do not and redraider that expenses all profit....my accountant told me this year it will be considered a hobby if I don't show a profit, supposedly after so many years you can't get away with it - so what's the secret? Quote Link to comment Share on other sites More sharing options...
pcbrook Posted August 26, 2013 Share Posted August 26, 2013 How many years do they give you? I have been doing this 5 years and barely break even. Quote Link to comment Share on other sites More sharing options...
moonshine Posted August 26, 2013 Share Posted August 26, 2013 (edited) My accountant is telling me 3 years - then it's a hobby which is ridiculous to me because I went thru all the B.S. of setting up a company name and doing it the right legit way!I should add also though that I am not "out there" pushing sales either- I do spend way more in testing and stocking than I bring in Edited August 26, 2013 by moonshine Quote Link to comment Share on other sites More sharing options...
pcbrook Posted August 26, 2013 Share Posted August 26, 2013 The same with me. A lot of money goes into testing. I do have quite a few shows coming up so I am hoping I can make up what I have spent over the past year at these shows. Quote Link to comment Share on other sites More sharing options...
pixie Posted August 30, 2013 Share Posted August 30, 2013 YAY! Wonderful news! Just keep plugging away and have faith. Quote Link to comment Share on other sites More sharing options...
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