So as I recall, I ended last week not knowing whether or not I had to pay taxes on a quarterly (or even monthly!) basis on my art generated income.
So I found this which both made me happy and sad at the same time.
Basically, as I am an individual (and not a corporation), unless I expect to owe more than $1,000 in taxes, I have to pay yearly. More than that, it’s quarterly.
Also, unrelated, how am I supposed to know how much I expect to owe in taxes? Since this income is extra, I’d say save half of whatever I make and take a guess. I suppose I could fill out the forms I mentioned last week, which I’m totally not going to do because I’ve made less than $300 on my art this year…so there’s no way I owe more than $1,000 in taxes.
I will keep all of this in mind when I really get serious about selling stuff. But for now, I just plan on learning as much as possible.
-Smudged
The Painted Spreadsheet 