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I live in Maryland and started selling electronic kits this year for amusement and to fund my personal projects. By the end of the year, I will have net sales of about 1500$ and next year I expect that to be higher. I do not have a company and am wondering how much I screwed myself over tax-wise this year? I'm wondering how I should file this too so it does not look like I made a 1500$ net profit (I had to buy tools, materials, pay for shipping, and spend my time designing and fabricating kits). Finally, I'm wondering if it's worth it to get an llc or sole proprietorship (and which one) if I only expect to make 2000$ or less in upcoming years. I have researched this in the past and always became discouraged. I feel (I cannot say if this is the truth or not) like whenever I want to take on side work or make things myself, selling it properly becomes such a hassle it's just not worth doing it in the end 
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Nov 21, 2011 02:29
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| # ¿ May 2, 2024 05:42 |
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Thanks Captain Beans, that helped and reiterated some advice I received today. I also had a discussion about negligence related lawsuits today. I was somewhat under the impression that an llc would protect me from this, but evidently not. It seems like the proper thing for me to do would be to purchase umbrella liability insurance. I'm looking into this more now.
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Nov 22, 2011 03:00
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