My hobby has turned into a small internet business-what are the legalities?
My “ebaying” has turned into a slightly profitible business. I have now moved my selling to an online “antique mall” w/ a store name. I still do not have a tax ID and have not been filing taxes. My husband seems to think that what I am doing is “a hobby” and I dont need to bother w/ the above. At what point do I have to begin doing this . I spoke w/someone once that told me, even if Im NOT making money (right now I break even) -he felt I should still be doing this (filing). Does anyone have a good website “for dummies” or advice on someone I speak to and get advise on how to -get tax ID, how to file, etc….I suppose I could just go and speak w/ an accountant…but I dont want to waste anyones time (or my money)…if I dont NEED to do it yet. I just figured, since I will be having a virtual “store front” that I need to be on the “up and up”.
You can call you state Department of revenue. Ask questions as though you are thinking about getting into this business. They will set you up with a Tax ID and help you file. We have one here in Ky and we file quarterly. Yesterday I called them and they helped me fill out my form. Even when you don’t make money you still need to file. It could be different in your state but I say better safe than sorry.Believe me, I’ve heard some real horror stories about people running online businesses and didn’t file. You don’t want to go down that road.
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Tags: antiques for dummies