2 ms·
Sounds like a good plan - how do you manage all the finances and so on? I'm guessing that all income earnt through sole prop gets added on to your existing inco
by gawker 16y ago
Sounds like a good plan - how do you manage all the finances and so on? I'm guessing that all income earnt through sole prop gets added on to your existing income?
Thanks!
- percept 16y agoEdit: Never mind--the following applies in the U.S. Correct, this is "Schedule C" income on your individual tax return. You'll need to make quarterly estimated tax payments. http://www.irs.gov/businesses/small/article/0,,id=110413,00.html http://www.irs.gov/businesses/small/article/0,,id=110413,00.... Big Disclaimer: I'm not an accountant and you should probably talk to one to get accurate and current information.
- lzw 16y agoYes, so for tax purposes, in the us at least, it gets taxed as regular income. You can look into the hobby rules with the IRS if it is relatively small.