Finance Interview - Questions I Asked My Momma :)

• Is it smart to charge state taxes on Etsy products? it would strengthen the tax base of the state, but only if it is bought in your home state. However, if you do you have to file a separate tax return for sales tax every month. It is not against the law to sale products and not charge tax.
• How do you go about placing it on your regular taxes? You simply file it as a schedule C - sole proprietorship tax return; however you only have to file it if you make enough money to consider it to be more than a hobby.
• Can you still be filed as a dependent on your parents tax return? Yes, as long as you are under 24 and are still considered a full time student.
• What makes you a small business owner? it depends on your gross receipts, and how much time you put in it, if it becomes your sole income