Ok, I am going to go into detail here as to avoid confusion. Until recently I have always just worked for an employer. I have been going to consignment auctions lately and buying things like furniture etc. I either fix the items up or just resell the items on Craigslist for a small profit. My problem is I want to make this my permanent sole income and report these earnings on my tax return under say a 1099 or something. My question is do I need an LLC, or just a tax id number, or maybe I need nothing except to just report these earning and keep track of profits and expenses? I live in Missouri and an income of $20,000 a year is good enough to live on comfortably, so this is about all I will make. Also with a wife and kids I pay no taxes until I think $53,000 a year. So, basically I just want to report this income to get the child and earned income credits, and to avoid tax evasion or something.
Thanks !
I didn't find the right solution from the internet.
