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At home bizzness and taxes question!

how does that work?
lets say you make and sell items ie bows or tutu's or jewlery what have you-
do you have to claim them on ur taxes as an income?
i was wanting to start up my own inhome bizness selling items that i make and someone said not to b/c of taxes or something.

 
Anonymous

Asked by Anonymous at 3:55 PM on Feb. 15, 2011 in Money & Work

This question is closed.
Answers (4)
  • You need to pre-pay income tax on your projected earnings. It's weird, but if you don't overpay by the right amount, they'll fine you (that happened to us once). Here's the IRS's website for self-employed individuals.

    evwsquared

    Answer by evwsquared at 4:16 PM on Feb. 15, 2011

  • you have to tax any income as far as I know
    LittleBirdFly

    Answer by LittleBirdFly at 3:57 PM on Feb. 15, 2011

  • talk to a tax preparer. they would know.
    Anonymous

    Answer by Anonymous at 3:57 PM on Feb. 15, 2011

  • If you make 600 or more, you need to file.
    Anonymous

    Answer by Anonymous at 4:03 PM on Feb. 15, 2011

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