So.. yeah.. It's tax time.. And while this won't affect me this year, it may in the future..
You are supposed to claim all earned income on your taxes.. Does selling custom ponies count? Do you claim what you earn? How do you handle it? Do you just ignore it? Do you only pay attention after a certain dollar amount?
I normally file 1040 EZ, but I'm wondering if I will need to go itemized if I make over a certain amount on sales. I really don't want to have to track business costs to do this.. Before, I just ignored pony sales on my taxes.. But that was small change.. talking maybe $60 earned in a year. But coming back to the hobby this year, I'm already sitting at around $300 earned, (and probably more than that spent).
Any advice would be very appreciated. Thank you very much.