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Hi -- I'm sure this question has been asked before but I can't seem to find a definitive answer. Last year I purchased a heat press, a vinyl cutter, and some vinyl and have been doing a few jobs for friends. I have yet to make back my initial investment. I do not have a business license or a tax id or a storefront or anything like that.
I am doing my taxes now and I am really confused about what I am supposed to declare/do in regards to this. Is this a small business? do I declare my profits? am I supposed to pay self-employment taxes? can I just declare it as misc income and be done with it?
I am very confused.
I am doing my taxes now and I am really confused about what I am supposed to declare/do in regards to this. Is this a small business? do I declare my profits? am I supposed to pay self-employment taxes? can I just declare it as misc income and be done with it?
I am very confused.