Working From Home Me and my fiance are artists who take commissions to make digital art for people. It was just a small side thing, less than 500 a year (more like 200 if we were lucky), but then we got into advertising it last month and now business is booming to the point we're making more off of it than our full time jobs.
So, now comes the time to start worrying about taxes. We've started keeping all receipts that have to do with art expenses. Should we register as a home business? Is it mandatory or merely advantageous? Is there anything we should know that we probably don't?
I'm completely new at this... I know nothing about tax law or registering as a home business... and I barely muddle through my usual yearly income taxes. |