Unfortunallyyyyyy.... i think so. Anything that gets you currency seems to be needed to report as income for some reason to be taxed. Even if it's from some hobby. Could be it isen't neccesarry with some ammount but am not certain.
So if you don’t make over 6k in total taxable income, you don’t need to file. If you have a normal job and also make money from art, generally, you need to file it as a secondary income.
It’s better to file it with your other stuff just to be safe, even if you take a small hit.
It sure does. And if you make enough on your art throughout the year, you're considered "self-employed" through that source of income, and have to play self-employment taxes.
I looked this information up and it looks like I have to fill out a 1040 form?? Or is this something I can declare while I’m filing taxes normally next year? 😅
That's the one. Depending on how much income you're making, you might want to be filing your taxes as often as four times a year. Quarterly taxes. Otherwise there's a penalty.
If you're going through Patreon, they'll send you the 1099 form in the mail, or electronically if you choose, if you cross the taxable income threshold. If you didn't get the form, you likely won't be taxed. I don't know exactly what that threshold is, it does likely vary by state
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If you are using it for your main income source you are likely getting more than 6k a year from it, making it a taxable income.
It’s better to file it with your other stuff just to be safe, even if you take a small hit.
You might want to design a special accounting chair already.
Learned that the hard way in February 🫠
Learned THAT the hard way, too