Urban beekeeping in New Mexico's largest city.
How much money can you make before needing a tax I.D. and reporting to the IRS?
My research has shown different figures. Perhaps the need for a TAX I.D. depends on the state that you live in? I found that if the beekeeper is going to make more than $2,000 per year, then we should report those numbers to the IRS? Does anyone know for sure? Thanks!
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Replies to This Discussion
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Permalink Reply by Buckner Creel on
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I don't think there's a minimum amount.
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If you are self employed and make more than $400 in a year you will need to file with the Feds and pay SS and Medicare even if you owe no other taxes: http://budgeting.thenest.com/everyone-earned-income-fill-out-income...
For the state of New Mexico, you must have a tax ID and pay gross receipts as well as sales tax on *all* monies you make selling goods or services in the state: http://www.tax.newmexico.gov/Businesses/who-must-file-.aspx
We are one of the only states that has this lovely gross receipts tax. I stopped giving author presentations in NM because I was tired of doing the paperwork every quarter for the small amount of money I made.
Kersten
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Permalink Reply by Rhett Renoud on
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Wow, so there's no minimum in New Mexico, huh? Does it matter if I'm not self-employed? I work a full time job and selling honey on the side is a hobby. So if I were to sell one jar of honey, then I'm suppose to have a tax ID? In most states, you can make an "X" amount of money before having to report.
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There is no minimum. It does not matter if it is a side job or a hobby. We are special like that in NM. Or, if you believe the tax man, "privileged" like that. As they so nicely put it:
"If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.
Kersten
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