The Official Etsy Thread.

Argh, and of course the day of my launch my webhost suffers a crash - my companion website is down now. Good thing I didn't list any custom orders, then, since a lot of the extra info on that is on my website!
 
Looking great beanie! I can't wait til you have more stuff up :)
 
I just got my first sale this month and it was a Chazzer! :D

Whoot! Whoot!
 
I had some extra time last night so I drew up a little doxie and listed that this morning! It's freakin' adorable if I do say so myself. Every time I see it I have a little giggle.
 
Up to two sales now, only 3rd day of new shop. Though waiting for this 2nd buyer to buy so I can get more supplies!!! LOL
 
That's great, Mer!

I forgot to remind everyone about my June giveaway- place an order this month and your name is put in a box for a drawing to be held on the 30th for a free magnetic wrap. :D Only one sale so far, so the odds are quite good! :p
 
I started a sale today too. Next buyer gets FREE SHIPPING, and everyone else is getting 15% off!
 
I'm seriously thinking about getting involved with the etsy world. I was wondering if people make enough money selling their products to actually supplement their income enough to make it worth their time or if it's just more of a hobby. And if you do make enough to make it worth your time, do you have to pay taxes or report the money you make?
 
Nancy, you are supposed to report it on your income tax. It usually takes awhile to build a business up to the point that it's a significant supplement to your income, but even when it's still small, it's money and you're getting better and better at what you do as you go. :)
 
nancy2394 said:
And if you do make enough to make it worth your time, do you have to pay taxes or report the money you make?
Click to expand...

Legally, yes. Any money you make during the year needs to be reported. Along the same lines though, all your expenses can be deducted. I believe you need to file a schedule C.

Now, whether anyone actually does it or not is another story.
 
I've had a small business tax ID for several years and report my income; of course, right now I am spending WAY more than I'm making, so I have reported a loss for two years. My mom (who had a home business - daycare - for many years) told me this year, I need to report some kind of a gain, even if it means not claiming all my expenses... otherwise your business is not a business, it is considered a hobby.
 
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