question for scrapping "hobbyists": how to pay less taxes?
I guess this question is intended primarily for people who has been scrapping as a "hobby with benefits" i.e. using scrapping as a secondary source of income: What do you do when it's time to file your taxes, and what do you do give less to Uncle Sam -- legally? Is it possible to open some type of business entity and get some tax benefits from that, even if these benefits are only for the 1st year or two or three? Do you have to generate a certain minimum amount of $ from your scrap to make opening such entity either legal or worthwhile? Any other suggestions?
Thanks!
I guess this question is intended primarily for people who has been scrapping as a "hobby with benefits" i.e. using scrapping as a secondary source of income: What do you do when it's time to file your taxes, and what do you do give less to Uncle Sam -- legally? Is it possible to open some type of business entity and get some tax benefits from that, even if these benefits are only for the 1st year or two or three? Do you have to generate a certain minimum amount of $ from your scrap to make opening such entity either legal or worthwhile? Any other suggestions?
Thanks!
