I'm sixteen, and I plan to wrap gifts and bake and sell pies and breads to earn a little money for some mission trips I want to go on. I plan to make brochures and business cards (for the services mentioned above) and give them to friends. Will I need to file any kind of taxes?
If I add my mom's name to any of the brochures and/or cards, will she have to file taxes?
note: checks will be addressed to me.
also note: we live in a state with no income tax.
2007-11-29 06:41:58 · 2 answers · asked by techiegirl91 1 in Business & Finance ➔ Taxes ➔ United States
How would it affect it if checks were made out to the non-profit organizations I'm going on the trips with?
2007-11-29 10:15:21 · update #1
If you make more than $399 for the year from self employment, and this would be self-employment, then you are required to file a tax return.
Keep close track of any expenses, like ingredients for your baking - those can be deducted to determine if you owe any tax.
The name on the brochures wouldn't matter, it's who gets paid and it sounds like that would be you.
Good luck on your fund-raising and on your mission trips.
2007-11-29 07:13:13 · answer #1 · answered by Judy 7 · 4⤊ 0⤋
If you're planning on selling your pies & breads to restaurants you'll probably have to do more than make brochures and business cards. You'll probably have to get some kind of business license, deal in some way with the health department and have a lot of hassle. You will have to file taxes (even if it's only an informational return).
On the other hand, if you're just going to sell to the neighbors and friends, it's doubtful that you'll make enough to trigger a federal tax return, so don't worry about it.
Why would you want your mom on it?
Why wouldn't you deal with cash only?
2007-11-29 14:50:59 · answer #2 · answered by Anonymous · 0⤊ 1⤋