norcalCham
Living Color Chameleons
Hello,
I have been breeding chameleons for a few years now and have recently been selling quite a bit with payments coming via paypal. My concern is with Uncle Sam (IRS) in particular. I dont have a business license and am pretty sure that I dont want or need one. Im only talking about a potential of selling $5000 - $10000 worth of animals at best. With expenses and reinvesting the majority of what is made back into my hobby/business is it just a matter of keeping good records of my expenses and transactions in case of an audit. I dont need them poking around thinking Ive made tons of extra cash, lol. I just mention the Paypal part because that would be an easy verifiable way for the govt. to see how much in sales I have had. Just looking to the future to make sure I cover my bases and do things the correct way
Thaks for any and all input!
Jason.
I have been breeding chameleons for a few years now and have recently been selling quite a bit with payments coming via paypal. My concern is with Uncle Sam (IRS) in particular. I dont have a business license and am pretty sure that I dont want or need one. Im only talking about a potential of selling $5000 - $10000 worth of animals at best. With expenses and reinvesting the majority of what is made back into my hobby/business is it just a matter of keeping good records of my expenses and transactions in case of an audit. I dont need them poking around thinking Ive made tons of extra cash, lol. I just mention the Paypal part because that would be an easy verifiable way for the govt. to see how much in sales I have had. Just looking to the future to make sure I cover my bases and do things the correct way
Thaks for any and all input!
Jason.