[HNW] 15997 Sibmacher

[Carol Thomas]

The IRS isn't a problem as long as you are showing a small 
profit.  It does have a problem with people who take "loss" 
deductions off their income tax, year after year, without showing a 
profit in a reasonable number of years.  Registering?  No.  I just 
started submitting a Schedule 1040 C with a tiny profit, as part of 
my income tax return.

My state wants you to (1) have a sales tax license if you are selling 
directly and (2) pay local property taxes on business property.  The 
property tax came to less than $20 last year, IIRC.  I have tables, a 
computer used partly as a business deduction, shelving in a stock 
room, my tent used only at Pennsic, etc.  But these also are income 
tax deductions.

I was supposed to file a "declaration" form for the property taxes 
every year, but didn't know it.  (This is just a listing of the 
business' equipment.)  My town assessor found me by my state sales 
tax filing, and told me to start filing.  So I did.

Some states don't even have a tax like this.

Don't be discouraged.  Not so difficult!

Carllein


At 11:40 PM 8/29/2007, you wrote:
>Nancy:
>
>< I would recommend talking with your tax  person before going to all the
>trouble, which may, of course, be necessary, of  registering as a small
>business.
> > Some states may require it; others may  not.  You will always, of course,
> > need  to report income and expenditures on  your yearly personal tax forms
> > and pay
> > both state and federal taxes.  >
>
>Oh, the headache of going from simple SCA printing/dissemination to this??
>It all sounds like too much headache to me. It's worth it to *you*, because
>you're a designer/author and definitely a small business, with ever
>expanding product. I was only seeking to republish my ONE book and perhaps,
>in the future, publish another (with a professional publisher).
>
>I suspect I will drop all thought of it, now. :-(
>
>--Kathryn
>SCA: Kathryn Goodwyn
>"too many centuries...too little time"
>
>
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