If I am operating under the new OK state cottage law and selling baked goods from my home (no fresh fruit, and making under $20k/year) am I required to get any kind of business license or permit for tax purposes? Do I have to report anything for taxes?
You definitely need to pay income taxes and you don’t need an LLC or tax ID. You may or may not need to get a business license — call up your planning division to find out. If you do not need to get a business license, then the state will classify you as a sole proprietorship by default.
If I operate my business under the new cottage law in the state of Oklahoma and sell baked goods from my house (I do not sell fresh fruit and my annual revenue is less than $20,000), am I need to obtain some form of business license or permit for the purposes of paying taxes? Do I need to declare anything to the government for my taxes? Elden Ring