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What is your best tax advice for when your hobby begins making you money?


People often dream of making money in their chosen hobby. My question becomes, what is some basic advice on taxes, when you begin to make money on your craft? For those that want to really jump into their craft, is it worth it when all is said and done, after reporting and paying all taxes? It sometimes seems just easier to have an employer that takes out taxes, and then you fill out your own forms, etc. If hiring an accountant or tax preparer to help, doesn't that eat up all your cost also? As for saving receipts, do you just save from the last year only, etc?

 

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