Well it is Tax Man time and that greedy sucker is just itching to get his sticky fingers wrapped around some of your dollars.
Don't forget to file on time or request a filing extension -- until August is automatically given. But...getting a filing extension does not mean you can delay paying without interest or penalty.
Here is a word to the wise. Do not cheat....but don't get wrapped around the axle over small hobby income either. The odds are you didn't make a profit. If you did, the IRS will be happy if you put the net under other income and not mess with all the other garbage - unless a lot of money is involved. If you think you will make a profit most years file a schedule C and get all the expenses deducted.
Do not go to bed worrying about being audited - unless your income is high and/or your itemized deductions are high or unusual, there is little chance you'll be audited.
Don't forget to file on time or request a filing extension -- until August is automatically given. But...getting a filing extension does not mean you can delay paying without interest or penalty.
Here is a word to the wise. Do not cheat....but don't get wrapped around the axle over small hobby income either. The odds are you didn't make a profit. If you did, the IRS will be happy if you put the net under other income and not mess with all the other garbage - unless a lot of money is involved. If you think you will make a profit most years file a schedule C and get all the expenses deducted.
Do not go to bed worrying about being audited - unless your income is high and/or your itemized deductions are high or unusual, there is little chance you'll be audited.
Last edited: