In all reality, this is nothing more than a "hobby" but I don;t want to break the law by not paying taxes. I'm still dependent of my parents (in regards to college federal financial aid). I'll be a student for three more years.
I purchased my Canon camera last year and seek to purchase a new expensive lens soon.
Do I need any licenses, permits to operate? I only work for myself. Also, do I need separate local permits for every part of Texas I do business? I work on-site meaning I do not own a studio, nor do I plan on acquiring one. I want to keep this business as simple as possible.
This is the most confusing part. Please help me.
What forms do I need to fill out?
What is the whole "tax withholding" deal about, how would that apply to me?
I am entirely new to the whole tax world so please bare with me.
As I mentioned earlier, this is really nothing more than a hobby for me and do not plan to make a living or career out of this - I plan on going into management consulting. I need the money since I want to help pay off college and buy other essential stuff. I want to be as legit as possible and don't want to run into any IRS issues. Also, there is a big revenue potential in this business (well, at least when you're a good photographer) so I want to be as transparent and law-abiding as possible.
Please guide me through this process. I sincerely need assistance. I greatly appreciate anyone who really understand this process.Thank you so much.