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I've been poking around on the net, and a lot of the advice boils down to things like "set up separate business & personal accounts" and "keep track of EVERYTHING" and "in order for the IRS to consider it a business, not a hobby, you have to turn a profit 3 years out of 5."
Will I need to do all that crap when I start making royalty-based sales? I got the payment for Retro Spec, and it was $24 ($23 after paypal fees), which isn't enough to report as income.
Of course, the other main piece of advice is "when in doubt, ask your accountant." I, of course, don't *have* an accountant.
I know some of y'all are freelancers or self-employed; how do you do it?
Will I need to do all that crap when I start making royalty-based sales? I got the payment for Retro Spec, and it was $24 ($23 after paypal fees), which isn't enough to report as income.
Of course, the other main piece of advice is "when in doubt, ask your accountant." I, of course, don't *have* an accountant.
I know some of y'all are freelancers or self-employed; how do you do it?
