Tax headache!

[Former_Member]

I'm working on my taxes and wishing that I kept better records! Yikes!

I sold my artwork and services through different platforms like Etsy, Makeably (a custom artwork site), and oDesk - do I have to lump my income all together from each of those sources?

Thanks for any advice you can give!

Elise

[Former_Member]

Any income you earn must be reported. It can be a headache so just try keeping up to date as you go along this year. That should help. Good luck!

[GoTo]

Yes--you have to include all the income. If you have a spreadsheet program on your computer, it can be really handy for tracking your income and adding it up for you using the auto-sum feature.

You might be able to offset some of the profit with business deductions--help for that here:

US Sellers: Help for Filing Income Taxes for Your Small Business
http://www.etsy.com/teams/7722/business-topics/discuss/6773969



If you haven't looked into sales tax & business registration yet, you might want to take a look at this thread too:

US: Sales Tax & Business Registration--Links to Official Government Websites
http://www.etsy.com/teams/7722/business-topics/discuss/9799713

[Former_Member]

Thanks guys! I filed my taxes and the IRS accepted them (phew) - this year I'm going to keep track of stuff!

[Former_Member]

Keep all of your records even though the IRS has accepted your tax forms, because they have 7 years to go back and ask you for more detailed information.

[Former_Member]

might look into outright or a similar service to keep track of things.

[GoTo]

You're welcome! I'm behind this year--I better act soon!