I really could use some simple guidance on how to approach my tax requirements in Texas! I currently own my primary store: at http://www.yarnhookers.com and 8 more at Etsy, Bonanza, Atomic Mall, CraftIsArt, Ecrater, Bluejay & Ravelry. I plan to open a store in any online selling community possible. My niche is making & selling Graph Patterns for Crochet – yes it can be done!
Anyway, I have been collecting sales tax since Jan/2012 – I am just now starting to gain popularity and invest in cheap advertisements. My biggest question is do I consider each store separately or as a whole? Please feel free to offer guidance and advise.. I am very nervous since I am new to the game but once I understand it – I know I will be fine..
Yarn Hookers.com – Graph Patterns
Congratulations on your stores!
If you are not structured as a corporation, I would just report everything on your Schedule C. If you are incorporated and everything is operated under the corporation, you can just report them all together.
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