I recently attended a tax workshop for small businesses at Rose State College. It was free - and a bit scary! LOL I felt completely overwhelmed with all the information and a bit scared I might not be doing these appropriately. So, I also learned at the class that the Small Business Administration has advisers at Rose. They are in the Professional Development building. I made an appointment with Sandy Stephens and she was very helpful! She set my mind at ease about my current methods of doing business and gave me information for the time I feel I am no longer a "hobby" but a real business. Hopefully by the time I retire in a few years I will have my hobby grow enough to be a business! One interesting bit of information concerned Craft Fairs/Shows. If you do more than one or two shows per year you are probably in the business category and not the hobby. So you would need a sales tax permit . . . In the tax class there was great information for helping someone decide if they want to be a Sole Proprietor, a corporation, a LLC, etc. Really good pros and cons for each one. If you want a free consultation with Sandy her email address is slstephens@rose.edu or call their office at 405-733-7348. There is also a man named Walter in the office that works part time but he is very knowledgeable!
Hope this helps!
Annie
