I've had my own business for 20 years now and. pretty much any money you make your "suppose to" declare. that being said if you deal in cash ..easier to pocket. I save every receipt I make threw out the year and write them off. Works out pretty well made about 39k and wrote off 19k. there is a part when you file on turbo tax that ask if you made any other money, and that's where you would declare you profit/loss. pretty much have to save all paper work for 7 years ( crazy I know). but you don't have to send in anything other than your normal tax forms. if you do say make a business out of it there's lots to deduct electricity, food, cleaning, etc.. and so on. I write off portion of my internet, cell phone, office stuff.. plain in simple if you make 4-5k or more I would think about reporting it. Worry about it once the money starts coming it
Reply With Quote