Professional Woodworkers Sharing Business Strategies

Don’t let tax time overwhelm your shop

Written by Howard Scott Monday, 14 February 2011 00:00

It's that time of year again. You know the drill. You hope to pay as little as possible while staying within the rules. Your CPA, accountant, enrolled agent or tax preparer does the calculating, then gives you the results and you write out the checks. This year, don't just comply with his or her instructions. Make the exercise a painless process as well as a learning experience. Here's how to go about it:



Community effort thrives after 30 years

Written by Bob Spangler Monday, 17 January 2011 00:00

22_pro_shopNorthwest Fine Woodworking in Seattle, a member-owned cooperative gallery, celebrated its 30th anniversary in September. A group of artisans banded together in 1980 to create a gallery to showcase and hopefully sell the furniture they designed and created. Northwest Fine Woodworking is now the longest-running and most successful gallery to display and sell studio furniture in the Northwest, if not the country.



Stay on top by planning for highs and lows

Written by David Frisk Monday, 13 December 2010 00:00

46_david_friskSome of you are probably wondering why we should start planning now for the next recession when we are still struggling with this current one. I can completely understand this, but let me assure you there is no time like the present to plan for the future. A good place to start is with a positive attitude, which is very important in trying times such as these. As difficult as that might be, just remember you had nothing to do with starting this recession and a positive attitude will help you deal with its fallout.



Underground market poses a threat to you

Written by Mark E. Battersby Monday, 15 November 2010 00:00

13_mark_battersbyHow can any woodworker or woodworking business hope to survive against competition that isn't burdened by licensing requirements or fees, insurance costs or even taxes? Several years ago, one study reported that Greece, with all of its financial woes, had a shadow economy that was a whopping 30 percent of its GDP. In this country, the Government Accountability Office, Congress's watchdog agency, estimates the income tax "gap," the difference between taxes owed and taxes actually paid, is in the hundreds of billions of dollars.



Lacey Act’s ramifications are being felt

Monday, 18 October 2010 00:00

59_pro_aSince Gibson Guitar Co. in Nashville, Tenn., was raided in November 2009 by U.S. federal agents for violation of the Lacey Act, people involved in the woodworking industry, whether they be timber importers or builders of musical instruments, are wondering what caused the raid and what exactly is the Lacey Act.



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