4 posts shown.
Thanks for getting back to me! :-)
Also, if anyone could lend a hand with the application section regarding the specific crafts being taught... should I be basing those details on Super Bowl XL or the official manual for craft certification guidelines?
Understood... I appreciate the effort and the answers you provided. 🙂
If anyone else has some home improvement tips or personal experiences they'd like to share, please feel free to post them. Everything is going to work out just fine. 🙂
Thanks for getting back to me.
Every time I ask around, nobody can give me a straight answer about which books I actually need to maintain. Some people just mention paying taxes based on certain flat-rate estimates, while others suggest there's an option where I submit a form at the end of the year—using my own business records—to deduct expenses from my income before calculating what I owe.
I would really love for someone to clear up how that second option works.
Also, since I already have a full-time job, how much in self-employment tax am I actually looking at? Some say zero because my W-2 job covers everything, but others talk about specific thresholds without being able to tell me how to calculate the actual math...
The IRS basically told me to go talk to an accountant. Honestly, I’d be more than happy to pay for some professional consulting or whatever you call it, provided I can find a firm that already handles small home-based businesses so they can walk me through the details.🙂
Hey there!
I’m looking for someone with some experience in home DIY to answer a few questions for me.
I have a steady job, but I’m thinking about starting a side hustle making jewelry, souvenirs, and other keepsakes. Since I'd only be bringing in a few hundred dollars a month to start, I'd probably just open a small home-based business.
I have a question regarding the following:
Are there any business books out there that would allow me to handle my own bookkeeping and then just submit all the necessary tax and contribution forms myself? Basically, if I make a certain amount of revenue, I pay taxes and contributions based exactly on that number. Also, would I still need to file a specific quarterly tax return for this?
Can I sell my products to a local shop or souvenir boutique for them to resell? If I do that, will I need to include product declarations and barcodes on everything?
What kind of bank account are we talking about here, and can those funds only be used for this specific business venture? Also, how exactly do I go about withdrawing the profits I make?
I would be so grateful if someone with actual experience could weigh in here. I’ve reached out to several accounting firms, but they all tell me they don't take on clients with side hustles, and I’m really just looking for some reliable advice.