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? asked in Business & FinanceSmall Business · 1 month ago

I want to make my own business on  Etsy or Facebook ?

I want to make my own Business like make my own keychains or graphics shirts but do I need anything from the government etc! 

Update:

I have a job just a side income 

3 Answers

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  • Paul
    Lv 4
    1 month ago

    That's a lot of writing for only one punctuation mark.

    You need to be concerned about how you present yourself if you want to be successful in business. If you're just a lazy writer, you need to start taking some pride in how you come across. If you really do struggle with writing, English, communication in general, find someone to help you communicate so you don't come across as illiterate.

    Nobody can answer anything about what federal and state requirements might need to be met because they don't know anything about the circumstances. It depends on the kind of business entity, if any, that you create, what elections you make at the federal level, whether you have employees, whether your state has licensing requirements, sales tax, etc.

    Government compliance takes a lot of research and proper actions. Don't expect anyone on an anonymous internet message board who knows what they're talking about to take time to walk you through the many steps.

  • 1 month ago

    Once you sell over $300 in a year you are supposed to pay taxes on it...but you do not need a special license if you sell less that $3,000 in a year...You can put it down as 'Hobby Income' on your tax return, but you cannot deduct your expenses unless you get a tax ID from your State and The Federal Government.

    So, if you get to $300.00 but less than $3,000.00 before December 31, 2021, come back and ask how to put it down as hobby income. 

     If you get to MORE that $3,000.00 before Dec 31st 2021 then go to IRS.gov and get an EIN and then get tax software to help you out.

  • Anonymous
    1 month ago

    You will not be selling much so I would not worry about the government. Get a job. 

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