By Mia Martinez | Reporter
Though she didn’t know it at the time, what began as a small Instagram page run by a 13-year-old girl would grow into her own full-fledged jewelry business.
San Francisco sophomore Sivan Katzav now runs a rebranded business from the original called Liana Faith Boutique.
“I started my business in 2020 when I was 13,” Katzav said. “Back in the day when COVID started, I went to a lot of jewelry-making classes at a local bead shop, and I learned how to make soldered rings.”
As the years passed, Katzav expanded beyond rings, built a website and opened an Etsy store, changing her original name in honor of her and her mom’s middle names and their shared passion for jewelry.
“The name comes from my middle name, Liana, and my mom’s middle name, Faith,” Katzav said. “We always talked about opening a boutique together, so this felt really special.”
Although running a business hasn’t always been easy, balancing it with her academics has been. Katzav said making jewelry creates balance in her life.
“Making jewelry is really therapeutic for me,” Katzav said. “It’s a good way to wind down after classes, and it motivates me to stay organized with my time.”
With her business growing, Katzav realized the importance of understanding business taxes and record keeping.
“When I started a website, that’s when I began learning about taxes and reporting income,” Katzav said. “I’m still learning, to be honest. I’m not a business student, so I’m not that well-versed, but I do what I have to do.”
Dr. Betty Xing, an assistant accounting professor who teaches Introduction to Federal Taxation, offered advice for students like Sivan about running a business and emphasizes that keeping careful records is crucial.
“All income is taxable by default,” Xing said.
Xing also noted that this includes earnings from student jobs, tips and scholarships while emphasizing the importance of distinguishing between a business and a hobby when filing taxes.
“You want it to be considered a business rather than a hobby because the expenses for a business are deductible,” Xing said.
Xing advised students to document everything, including bookkeeping, pricing strategies, advertising and meeting notes to demonstrate that the business is run for profit. According to the IRS, there are several different forms that small business owners must fill out, many of which students have not had any experience with.
“Even expenses incurred for investigation, meeting potential business partners or meeting potential founders — the costs incurred related to those activities — can also become deductible as startup costs,” Xing said.
Katzav emphasized how these lessons changed how she runs her business.
“I wasn’t keeping budget sheets in the beginning,” Katzav said. “Now I track how much I spend on supplies, the time I spend and how much I sell it for. It’s helped me make a profit while still doing something I love.”
Katzav continues to learn how to value her work, using social media and word of mouth to market her business.
“I’ve learned to be confident about what I’m selling and how I price it,” Katzav said. “Running this business has made me more confident and proud of what I put out into the world.”
