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I'm thinking of starting an etsy shop to sell crocheted things and quilted things and whatnot, but I have no idea about the tax implications of it. If I sell to people *in* NC, I have to collect sales tax (or take it out of the sale price); if I sell to people *outside* NC, I don't.
Do I have to register as a business so I can send the state what meager sales taxes I collect? (I'm assuming I won't sell more than $100/mo.) What's the cutoff for hobby vs business, anyway? The IRS says it has to do with the intent to make a profit. Well, sonny, I wouldn't be selling shit if I didn't want to make money off it. Here is a more plain-English discussion of that.
I don't know, y'all. I just want to make some stuff and sell it to people at more than it cost me to make it.
Does anyone have experience with this sort of thing?
Do I have to register as a business so I can send the state what meager sales taxes I collect? (I'm assuming I won't sell more than $100/mo.) What's the cutoff for hobby vs business, anyway? The IRS says it has to do with the intent to make a profit. Well, sonny, I wouldn't be selling shit if I didn't want to make money off it. Here is a more plain-English discussion of that.
I don't know, y'all. I just want to make some stuff and sell it to people at more than it cost me to make it.
Does anyone have experience with this sort of thing?
