Craft show income, expenses, taxes

[Cre8tiv918]

Hello!

I've just started doing craft shows in the state of WI.  I have filed for a state seller's permit.  I plan to do 4 shows total this year.  I called the Department of Revenue and know that I need to pay sales tax by Dec. 31 on all of my sales.  What I'm wondering is what I need to know regarding my income taxes...do I claim all sales as income no matter the amount?  Can I write off purchases (furniture, equipment, supplies) for my in-home studio?  I should note that I am a business, but far from profitable.   Thanks!

[bbaker11]

Congratulations on your new line of work!  As a self employed individual,  you would be required to file a Federal return if your net earnings (total of all income for the year minus expenses) is $400. or more.  Self-employed individuals can be entitled to claim certain expenses related to their business, including a home office deduction.  Please see the following links for more information:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-self-employment-taxes/L8RSXVAW... 

and

https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv?srslti...