I have been doing taxidermy for about five years now, doing mounts for friends and word of mouth. I am ready to start being legal and paying taxes and stuff so I can start making some money at this. I live in Ohio and want to know what I need to do to start paying taxes. Does anyone that lives in Ohio have this information for me. I will just be part time and not have that much income off of this but I dont want any trouble, and its about time to do it right.
Please help me out
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they are a life saver
Where are you located my fellow Ohioen? You do not need a licence from the DNR here in OH. When I started out I called the County Courthouse about a Vendors licence and was told I did not need one. I know someone will say "Oh yes you do". but I was told by the lady in charge of the vendors licences in my county that I did not! As far as taxes you pay them just like you would on a full time job. Talk to your tax preparer they should be able to tell you what to do and not to do! Good luck!
Aren't you required to get one, 'Doing business as', this registers your business with the county. Then there's the sales tax certificate for declaring taxes with the state and feds at tax time.
I have been doing taxidermy for about five years now, doing mounts for friends and word of mouth. I am ready to start being legal and paying taxes and stuff so I can start making some money at this.
Ready to be legal,,,Well l hope you are more astute than this, you have already admitted that for 5 years you have derived an income and not payed tax on any of it.
Simple advice , get an accountant, and to all newcomers, do the same thing.
The first three years of life of any business is usually recognised as a profit neutral period by most tax authorities.The income a new business is able to generate is usually reinvested into building the business like purchasing modern equipment,stock materials ,promotions advertising etc ,,, and of course attending conventions for research purposes in exotic locations around the world.
So why not declare everything from day one, and even claim any loss of income against income earnt from your regular taxed earnings from the day job.
Very simple, get an accountant, they are a deduction as well.