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Retirement tax questions
@sem10624 If you are required to file a tax return, then all income you describe should be entered on your tax return. Whether you can deduct expenses is largely dependent on whether you have a profit motive. If so, then you can deduct the expenses, otherwise you are considered to be engaged in a hobby, wherein you must report your sales but can't deduct your expenses.
If you incur a loss in your venture in three out of five years, by default you are considered to be engaged in a hobby, even if you have a profit motive.
Here is more on hobby activities: Hobby losses
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‎February 9, 2022
12:11 PM