I have been selling a craft that I make on ebay. Don't make much on it but I am concerned that it may come back to bite me tax - wise.
How do I know if I should start claming any income.
I plan on consulting an accountant but wanted to get the Hot Boat "pros on everything in life" opinion also.
It really depends on if you want to be by the book or not.....Any income has to be claimed and reported regardless of the way it is made. Now on the other hand it depends on how the money is deposited to your account etc.....you will get a lot of responces to this but remember if you do it by the book per say you will be sleeping better at night and will be doing all of this for little or no pay after the TAX man eats you earnings..as you said a good CPA can help you navigate the TAx world Ebay