Friday, February 5, 2010

Tax question

Here's a question for all the people in the US that sell stuff on Etsy: do I have to worry about the income I make from etsy on my taxes? My dad usually helps me with all my tax questions and has said in the past that I don't have to worry about my profit from Etsy, but I was on Etsy today reading this article and it says I have to file a form for my profits on etsy. I know I've made barely over $100 with both of my stores combined, and I sure don't do it full time, so it's not like I'm really investing a lot in it (I know, I should be doing more).

Any comments would (hopefully) be helpful.


Anonymous said...

Sorry can't help you with that one as I'm in the UK. $100 dollars doesn't seem a big enough amount to have to pay taxes on though, does it?

Shirl x

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Laurie said...

I think that whether or not you have to file taxes for Etsy sales is if your income is more than $500 in any year. Also, you should be collecting sales tax for sales in your own home state. But don't quote me -- I'm a novice at this, too!

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Tracy said...

You don't have to pay income tax if you make under $600 a year on your art/crafts. If you sell wholesale you pay nothing in taxes and it is also considered a "hobby", in other words, you put as much money or more into creating your craft than you make.
Hope this helps. Have fun with your taxes! LOL

Christine said...

Great question... unfortunately I don't have the answer but would love to learn more about this as I'm also an new-ish Etsy seller.