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I Forge Iron

Insurance and taxes

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I am a college student and have been asked to sell my products at the local antique shop. I would like to do this and I would not mind making a few extra dollars. I have been researching the topic, but am still unsure of what I need to do. I don't think I am going to earn millions selling small trinkets at this place, but do I still need to pay taxes on what I earn? And what about insurance? If I make a hook and it bends or breaks causing bodily injury, is that my fault? I am not worried about shop insurance or doing demos (I know it brings peace of mind, but I am in college I cant be shelling out a couple hundred bucks a year to pay for that. Maybe later.)

Thanks for the advice.

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You should pay tax on any money you make. If you are a student you may be in a low enough tax bracket to not have to pay taxes, I think it is around $7500/yr but look it up. If you are worried about stupid people causing injury to themselves with your hooks, trinkit etc then can you sell them as decorative parts? Label them accordingly.

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First of all: WHAT COUNTRY DO YOU LIVE IN? Liability may be quite different in China vs South Africa vs England vs USA vs...

Here in the USA getting liability insurance may *increase* the possibility that you get sued. As my father once told me "Don't sue anyone that doesn't have any money---you may win but you will still have to *pay* your lawyer!"

Most college students are below the "worth while to sue" level, are you?

Taxes are extremely location specific as well; however keep a record of your earnings and see if at the end of they year you own anything according to the tax requirements of where you live.

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