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How do I report income I received as a vendor at a Craft Fair? All I have is the price of items sold, the sales tax they collected, and their commission %

Also, do I need to report the sales tax they collected?
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1 Reply
Carl
Level 15

How do I report income I received as a vendor at a Craft Fair? All I have is the price of items sold, the sales tax they collected, and their commission %

I would advise you seek professional help ASAP. Income earned as a vendor is considered self-employment income on your federal return and gets reported on SCH C as a physical part of your personal 1040 tax return. If your state taxes personal income then you have to report it as self-employment income to your state too.

As for the sales tax, that has nothing to do with and is completely separate from income tax. You "really" need to seek professional help. For most states that impose a sales tax, not sending sales tax collected to the state in a timely manner will result in some fairly hefty fines and penalties, not to mention the possibility of you being forbidden to conduct business in that state in the future.

 

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