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Topic: new and scared!  (Read 851 times)
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Tootie22
« on: April 14, 2010 10:39:55 PM »

To start out I want to say that this is my first time trying craftster (any message board actually) and I hope I am doing it right.

I've been making artwork for years and everyone I know keeps telling me to sell it. I want to dip my toe in the waters of selling my work (quilting and portraiture), but I don't know if I have to file a bunch of paperwork and set up an official "small business" first. I am terrified and just want to see if my stuff is going to sell and I don't want to file taxes and be all official to just make the attempt. Is there a way to try selling stuff and then file the official legal stuff later if I find that my work does in fact sell? Can I "test the waters", or do I have to just jump in? I've been looking at Etsy as my staring point. Is this the right way to go. Can Etsy be an effective place to test my selling abilities?
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« Reply #1 on: April 15, 2010 09:38:14 AM »

I would say go for it! I wouldn't worry about filing papers and paying taxes until you start making a large amount of money selling your items. You certainly wouldn't be the only one on Etsy who hasn't set up their small business officially.
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Zodia
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« Reply #2 on: April 16, 2010 12:03:15 PM »

I'm not an accountant, but I believe if you make under a certain amount per year then the IRS considers what you do a hobby rather than a business. You can't claim deductions on it, but you also don't have to file all the official paperwork. Would be wise to make sure I'm right about this and keep track of all your sales just in case you do go over the hobby limit and have to report your earnings. There are loads of good books (Small Time Operator is a personal favorite) and websites to help you out, but the info can be overwhelming.
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Tootie22
« Reply #3 on: April 23, 2010 11:17:22 AM »

Thank you for responding...I am going to talk to an accountant and figure out some of the tax stuff and then take some time to think it over...
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