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tax time

updated sat 29 mar 03 on fri 12 apr 96

John Jensen et al.

Thanks for asking this questio, John. In every other business field, one can
find standard percentages in doing that business. For some reason, within
the crafts, everyones so secretive about sales and costs, so that when you do
try to make a living at it, you have no idea whether you're on target or not.
Obviously there are a lot of influencing factors and every one's numbers
will be different, but over time, some generalitites do appear. Alos, if
you're out of line in a specific area, at least you can decide if it's
legitimate or out of control.

We do most of our sales at retail shows (high expenses) and some special
order and from a small showroom on premises (low cost). In 1996 we are
entering the wholesale world, which will change our cost picture
considerably. We were also in a start-up mode in '94, moved and built a new
studio, which increased many costs dramatically.

For 1994, here are some general numbers, shared in the hope that others will
share and get us to some guidelines. We did 19 total shows, did not have
enough pots for many shows, because of the move in June-Aug.

Sales 33,000
Cost of Goods (high) 7995
Depreciation and expense deduction 7,871
Insurance 625
Office Exp 650
Repairs and Maint 1,626
Travel 1475
Meals and ent 1248
Utilities 2246
Entry fees 4,259
Dues and Subs 1025Bank and svc chgs 798
freight and ship 410

As mentioned, this picture leaves little profit to live on and we ate up a
lot of assets (savings) keeping things going, getting moved etc. As soon as
we finish '95 taxes, I'll post some numbers from those, again hoping to
encourage others.; Percentages work as well as actual numbers although some
explanation of how one markets, total sales, etc., are helpful in
interpreting the percentages.

Hope this helps.

Tom Wirt
The Clay Coyote Pottery (Where '96 has to be profitable).
Hutchinson, MN

Edouard Bastarache on fri 28 mar 03

Hope you are enjoying tax time.

A dad walks into a market with his young son. The kid is holding a =
quarter. Suddenly, the boy starts choking, going blue in the face. The =
dad realizes the boy has swallowed the quarter and starts panicking, =
shouting for help.

A well dressed, attractive, but serious looking woman in a blue business =
suit is sitting at a coffee bar in the market reading her newspaper and =
sipping a cup of coffee. At the sound of the commotion, she looks up, =
puts her coffee cup down on the saucer, neatly folds the newspaper and =
places it on the counter, gets up from her seat and makes her way, =
unhurried, across the market.

Reaching the boy, the woman carefully takes hold of the boy's testicles =
and starts to squeeze, gently at first and then ever more firmly. After =
a few seconds the boy convulses violently and coughs up the quarter, =
which the woman deftly catches in her free hand. Releasing the boy, the =
woman hands the coin to the father and walks back to her seat in the =
coffee bar without saying a word.

As soon as he is sure that his son has suffered no lasting ill effects, =
the father rushes over to the woman and starts thanking her saying, =
"I've never seen anybody do anything like that before, it was fantastic. =
Are you a doctor?"

"No," the woman replies...=20

"I work for Revenue Canada"