We are still deciding on the platform to use, but I think we may use the basic Kickstarter survey system. There are a couple unusual ones here or there, such as the need to determine directly if any of the backers also live here in Virginia (since this means those pledges are subject to intra-state sales tax on our end). I think we have everything we need worked out in terms of questions we need to ask the backers.
If you are waiting with bated breath for the arrival of the Paypal option, we apologize and solute your patience! You can sign up for the newsletter on the landing page if you'd like an instant notification when it goes up (and conveniently, you can also unsubscribe right after getting that email, if you don't want to receive the near-monthly updates about HB and DT development that will follow!) Backers can also use this mailing list to keep up to date, but also it will mainly be duplicate info to what we will also send out in the Kickstarter updates, so no-need to use both! We will likely need to file for an online commerce permit, since it looks like we will need to handle it on our own shop front.We decided to push it back so we don't rush and make crucial oversights. There is a lot to investigate in terms of accounting, data-management, and testing for this.We will likely end up building a system similar to an online merchant to handle it, and we will need to build a rigorous system for handling the survey in a way similar to what KS does for the main pledges already made, with a system for handling change requests as well.We decided, to avoid further complicating our tax reporting for this year, that it would be helpful to separate the two into different tax years, which the end of the year makes convenient for us. The Paypal income should be subject to this same system, but it depends on our individual case and how the government decides. The KS money itself, which will be handled by the LLC business account, is being managed by a system called “accrual accounting”, where it is only taxed after pledges are fulfilled, and operating costs are deducted from it, or in a way similar to pass-through freelance income subject to medicare and SS taxes in the US as some it reaches either of our accounts via monthly stipend. Paypal crowd funding is a bit more gray in terms of tax-status than we were aware of.Some of the things which contributed to this are: So we we are now a week after the ending of the Kickstarter, and we have a few pieces of info!įirst off, apologies on the delay for the Paypal appearing, for those looking for it our plan has updated to now mostly likely offer it in early January. Paypal Solution, Backer Survey, and pledge processing!
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