IANATA (I Am Not A Tax Accountant) but I suspect any income from sale of
prints would mean you've got to file at least a Schedule C, as you're
running what amounts to a sole proprietorship as far as the IRS is
concerned. It's possible that you could just get away with "hobby
income" if the amounts were small, and especially if you keep your day
job.
I'd assume that the safer route would be Schedule C (which almost
invariably requires the long form filing). Could be advantages in
Schedule C filing, anyway, as then you get to also deduct lotsa things
that go to produce the income.
Short form or long form, both are fairly trivial with decent tax
software.
Either way, I'd speak with a tax person in order to find out for sure.
---
Scott Gomez
-----Original Message-----
From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On
Behalf Of Darin
Subject: [OM] Re: Stock photography, episode 482
I'm in the U.S. I'm just trying to figure out how any income I make from
this will effect how I file my taxes. I guess what I really want to know
is, if I have income from photography, can I still file short form? I
realize you're probably not an accountant, but thought you may be able
to provide some advice or point me in the right direction to figure this
out.
Thanks again,
Darin
==============================================
List usage info: http://www.zuikoholic.com
List nannies: olympusadmin@xxxxxxxxxx
==============================================
|