Extra cash?

[Ted S.]

I'm thinking about cleaning some cars this summer for some extra money. I will probably do this until august because of college, so figure May-the end of July or early August. Not doing corrections, just wash, maybe clay, wax, vacuum, clean interior and dress it up, windows and tires. Thinking about $40-60 depending on vehicle size.
Here are some questions:

Is it worth it?

Do I have to get a business license or insurance?

How do I report this income on my taxes?

What products give the best/easiest results for the least cash? (wash vs. drywash, clay, prewax washes, wax, interior cleaners, scents, windows, tire wash and dressings)

I'm interested in drywash, but duragloss carwash is highly recommended on this forum, so which would be better?
Feed back please

[C. Charles Hahn]

$40-60 is low... I'd aim for around $100 with what you're going to be offering.

You don't HAVE to get a business license or insurance, but if you want to run a business properly you should. Remember that both of these things will cost you money and cut into your profits.

As far as taxes, I would suggest talking to a CPA; I have one that does all of my returns for me and takes care of whatever needs to be reported on business vs. personal statements/etc. for a nominal fee.

[Ted S.]

$40-60 is low... I'd aim for around $100 with what you're going to be offering.

You don't HAVE to get a business license or insurance, but if you want to run a business properly you should. Remember that both of these things will cost you money and cut into your profits.

As far as taxes, I would suggest talking to a CPA; I have one that does all of my returns for me and takes care of whatever needs to be reported on business vs. personal statements/etc. for a nominal fee.
Thanks for the info. Are there any requirements for a business license? I'm only gonna do this for a few months, I don't know how successful I will be, but what exactly would a business license do for me? I know they cost a good chunk of money ( I think $250 last time I checked).

[CEE DOG]

Using turbo tax I was able to work things out and end up better off then when I used to go to a pro. They have everything set up so you can add your side business regardless of whether or not you have a license or llc or anything else.

I would leave the "dry wash" alone if I were you. If somebody tried to charge me to do that to my car I wouldn't be smiling.

[LegacyGT]

Reporting side income under a schedule C is a pretty easy way to go.