My husband has started to sell replicas of signed baseballs, cards since last year. He has a lot of expenses for research and development last year. I think this is a sort of retail small business but I need to know the exact code. Can someone help me?
You're welcome. Remember you can always estimate any taxes you may owe and file an extension to get more time to file the actual return.
See the following TurboTax help article to learn more if this would help you:
Depending on whether you operate a store or sell online, some of the following codes might apply:
453310 - used merchandise store
453990 - miscellaneous store retailer
451120 - hobby, toy & game store
454110 - electronic shopping and mail-order houses
999999 - unclassified
Choose the one that most closely describes your business, but do not worry if it is not an exact match. The business code is used for statistical purposes.
To see the complete list, use the following link and go to pages 18-19.
@AnnetteB6 Thank you so much for your quick reply. Yes, this is online store. It's got a lot of start up cost that I am not how to get them sorted. It's a challenging tax filing this year!
You're welcome. Remember you can always estimate any taxes you may owe and file an extension to get more time to file the actual return.
See the following TurboTax help article to learn more if this would help you: