After typical deductions (shipping, fees, inventory) I am looking at a profit between 6-9k . I want to buy some camera equipment for the business. Is there any minimum amount I have to make to take advantage. Sole proprietorship, if that is relevant.
There is no minimum income ... however the depreciation/179 deduction/de minimis election is the only legal way to manipulate the bottom line so switch things up to see what combination gives you the best situation.
The answer to your question would take days to answer in this forum ... I have told you there are 3 options so now you must either educate yourself or seek out local tax professionals to be educated ... start with reading some IRS pubs ... start with 946 : https://www.irs.gov/pub/irs-pdf/p946.pdf
If you are new to being self employed, are not incorporated or in a partnership and are acting as your own bookkeeper and tax preparer you need to get educated ....
If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income. So you need to keep your own good records. Here is some reading material……
IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf
Home Office Expenses … Business Use of the Home
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/pub/irs-pdf/p587.pdf
There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Self Employed return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
http://quickbooks.intuit.com/self-employed