Question by Isabel: what is the minimum requirement to start a small business “under the table”?
I want to start a home based business focused around home made arts and crafts. these can be used as adornments at parties, and holiday events even baptisms. i want to get it started because i feel i can make an income out of this. I want to know what is the minimmum requirements i need to meet.
Answer by Quick Answers
“under the table” refers to tax evasion. Don’t even consider it.
The issue is whether or not you have a business or a hobby. Call the IRS if you can’t figure out the difference. Hobbies are reported on 1040, line 21, businesses go on schedule C.
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