camwyn: Me in a bomber jacket and jeans standing next to a green two-man North Andover Flight Academy helicopter. (Default)
[personal profile] camwyn
Every web site I look at for advice on how to begin selling jewelry online as a means of getting it out of the house and into the hands of friends assumes that I am trying to operate as a business, rather than as a hobby that happens to occasionally sell things. The legal difference between these two states involves making a profit two or three years out of five, and determines how much you're allowed to deduct from your taxes. The personal difference is how serious you are and how much time, money, etc. you're planning on investing in the thing.

I'm not planning on making jewelry-selling a business to any great degree. I'm just looking to register everything necessary to keep the state of Massachusetts and the IRS from freaking out if I do manage to sell stuff online. So that's hobby status. Nevertheless, I have followed the advice of the various OF COURSE YOU ARE STARTING A BUSINESS TO SUPPORT YOURSELF, WHY WOULD YOU LOOK FOR ADVICE IF YOU DIDN'T WANT TO RUIN YOUR HOBBY ENJOYMENT BY MAKING IT SOMETHING YOU HAD TO DO ALL THE TIME EVER sites, and written a business plan.

It includes the sentence 'If the business turns a profit at the end of one year I shall buy a paper party hat, and if it turns a profit three years out of five, I shall celebrate with a wooden kazoo'.
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camwyn: Me in a bomber jacket and jeans standing next to a green two-man North Andover Flight Academy helicopter. (Default)
camwyn

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