I have a dozen ways to make money as self employed or entrepreneur. I fit no categories. I get paid as an artist, seller of raw materials, fossil hunter, gardener, writer, create video, and more. I file under one business. There is no easy category, is this ok? I simply cant file under 12 businesses. I may have a high gross (not going to mention), but live for my work, so 95% of what I do is 'business.' I make my life my business. "Figure out what you like to do and find a money angle" Is my motto. My 'profit,' is way low, poverty, never a refund- none wanted. I could, ' not file,' call it all a hobby? However there seem to be advantages to having a business. I need a business in order to enter some shows for example, or deal with some wholesale people. How could I high end sell and say I am not in business? Customers would find that odd. At what point is it good to simply stop filling, done, call it retired, call (hypothetically) $100,000 grand gross, a hobby. Would that send up red flags and create an investigation? I'm 70, get social security, and it is getting harder just to understand the tax forms. I might hire someone, but my records seem to me, quite complicated due to 12 ways to make money, with poverty profits. Who would take it on? Reams of paper proving I'm poor! I do the best I can, and pay for max Turbo help if ever audited. In truth if there were an investigation and all my numbers are totally off, the end result of an investigation would be close to the same bottom line I come up with. Poverty. I, for example, do not even bother claiming any transportation costs because I am not interested in the complications of keeping track of milage, depreciation, repairs , so 'just forget it.' If it looks like I might make to much profit, I simply buy something for the business, like a few opals for $1,000 each, or gold nuggets I turn into jewelry, or some new cool piece of machinery for the shop I'd like to try out. Is there some point at which this would not be allowed? I'm not that low profile. Spend a lot on advertising. Own boats, several pieces of land, two shops and workplaces in two states. All legit business, all with proof of making me money with matching costs. How does one handle such a situation? Any advice?
