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A Small Dilemma

© Barbara Bell

I am facing a dilemma of a personal and professional nature, which during these uncertain times may seem of little importance. Thus I call it a "small" dilemma, even though it will mean a great deal to my future.

My husband and I have moved back to New York from Alaska, and are slowly settling into a new house, an unfamiliar area for him, and the transition to retirement. However, he reminds me that HE is retired, I am simply "unemployed". (I remind HIM that now I am a self-employed domestic engineer...)

Soon I must decide whether to begin again as an antiques dealer in New York State. I surrendered my tax number when I moved to Alaska, thinking this was a permanent situation. Tax numbers aren't needed in Alaska - there is no sales tax.

Being an antiques dealer in Massachusetts, where I started my business, was relatively simple in terms of bookkeeping. I paid my taxes annually, and since I didn't make much of a profit, the accounting was relatively painless. But when I moved to New York five years ago, I learned that I would be required to report my sales taxes quarterly whether I'd made any sales or not. I was, at that time, more of an assistant to my mother whose antiques business was confined to occasional shows in the local area. Making a profit on my own sales became even more difficult, and eventually I stopped doing shows on my own.

Well, now that I am back in New York, and married, and my mother has passed away, the situation is very different. First of all I have inherited some fine antiques which offer exciting new areas of collecting and research. They will make the basis of a new inventory which enriches and expands the limited inventory I still kept of my own.

In addition, my new husband has expressed a willingness to learn about the business and assist me if I decide to re-enter the business.

Nonetheless, there is a downside to such a decision. First, do I want to get involved with the extensive record-keeping and tax reporting that New York requires? Second, we have a lot of other plans for our retirement, including golf, travel, writing, renovation of our house, etc. Does this leave much time for serious antiques buying and selling?

This is a difficult economy we are facing, and discretionary income will be less available. Is it a bad time to re-enter the world of antiques shows? Is the potential to earn some extra income still there, or will our expenses outweigh our profit?

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