Obviously I'm hoping to have some frog sales during the course of frog keeping. Is that something that is reported by most people? I know when I was researching the need of a buisness license for my etsy store that as long as my sales are under $600 I dont need to file any forms.
I just figured I'd check with other hobbiests and see what is normally done before I'm in that situation!
Hopefully this is also the right category for this post...
Under $600.00....yep...that's what I go by.....
Thanks Phil
Yes...along with any other incomes.... *ahem
I swear I wasn't trying to pull people out of the woodwork who may no be reporting!
As I told my husband, should I end up making enough to need to pay taxes I won't complain much. Then people will stop harping on me about not having a "job" ANY extra income would be nice to tack on to my husband horrible salary LOL
I personally wouldn't worry about it unless you set up a website and stuff. If you are getting those kinds of sales then I would probably start keeping sales receipts and reporting income. But if its just a few frogs here or there who's to say that you even had any income anyhow.
Not that I am one to take tax advice from.
I wouldn't worry about it until the income is greater than the amount spent. Only seems fair right?
( just kidding IRS...relax)