Business Taxes on booth rental?

I have a booth at an antique mall. The mall sells my items and i pick up a check.

The customers are paying taxes in the items purchased and those funds are going on the antique malls tax records.

Do i have to show the income recieved on my taxes?

The income you receive is the check that the mall cuts to you.

Then you can subtract your costs for the goods sold and any other legitimate business expenses.

So I hope that the "mall" is remitting your sales tax?

Yes, you do, it is income, after all, and the antique mall is probably required to state where all they dispersed the money's they took in.
On the plus side, all of the rental fees you paid can be taken off the top of your income from the antique mall, and all of the purchases of goods bought to put in there. Any money you spent on setting up, purchasing tables, props, decorations, etc. are all deductible.
I also believe that the gas used to go get the stuff and take it to be sold is deductible, also.
Check your recipts and you just may find yourself in the hole, lol.

Tags

　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund 　　HYIP 　　High Yield 　　Hedge Fund

Related information

Having trouble getting a checking acct and debit card?

Sometimes it linked to all banks but.i would still try.I know a few of daughters friends had same trouble.I had one daughter who worked for bank of america..they close your account after 90 days of...

Hi , one of my friend earns like $1800 permonth and she wants to know what is the best way to invest?

1. Pay off all credit cards. 2. She needs to figure out what her monthly expenses are. 3. She needs to put enough money in a FDIC insured savings account to handle expenses for 3 - 6 months. ...

How did my husband change status of a corporation when?

Get an attorney now! Go the police department and file a complaint about the forgery. He has forged something else to change the status of YOUR corporation. File charges for that. You are going...

Husband insolvent and received 1099Cs - is he combined with me?

Insolvency means that he was in bankruptcy. If he wasn't he needs to show thru a financial statement that he was insolvent when the debt was forgiven. This is reportable income, I advise that ...

Rollover from traditional IRA to Roth IRA?

You can roll over a traditional IRA to a Roth IRA. You will have to pay federal income tax on the money rolled over. There is no 10% early withdrawl penalty on top of the taxes.

...

NEED knowledge on international banking for my travels?

if your eligable USAA is the best bank in the world. all done online. only catch..have to be in the service or be related to someone in the service.

...

When bonds prices go up is that good for the market or bad for the market?

Too opened ended. Usually, lower interest rates are good for the market b/c in theory it is a competing asset class, and lower rates makes that asset class less attractive. There are so many thin...

What's the tax consequence of a 457 Plan partial withdrawal after I leave my employer who carries the plan?

I assume the plan was "standard" under 457(b). First, 457 plans can be REALLY complex and smart people get stuff wrong. Basically, upon severance of employment, you can start taking...