lackoflollies (lackoflollies) wrote in artists_beware,

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Taxes on Art/Fursuits/Fursuit parts/Etc

Not a beware, a seeking advise post. I've been wondering something lately, and I am willing to bet someone here knows, or at least knows how I can find out this information:

What is the policy regarding filing taxes on art? I was informed by a friend that I HAVE TO file taxes or else i'll get into huge trouble with the IRS.. and I don't want that. I was always under the impression that art, unless you made a significant amount ($1,500 or more) that you didn't need to bother, since it wasn't something the IRS was 'worried' about, then again this is what my Grandfather told me, who sells books online on Amazon, and makes a pretty decent profit doing so, but it's also his hobby.

So i'm coming here seeking advice, thanks a bunch for reading.

For specific tax information I live in the state on Illinois (since I know sometimes they differ by state, at least as far as state taxes is concerned, federal is just that.) and i'm considered independent because I live on my own, so I claimed myself on my W2 at work.
Tags: advice for artists, taxes
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