You do taxes yearly just like you normally do since you aren't in a retail type of business.

As for liability insurance that's just what you call a rider that you add to your home-owner's insurance (if you own) or to your renter's insurance (if you rent). I get mine through State Farm insurance and pay $75 a year in addition to my regular home-owner's insurance which covers six kids (what my license permits) and up to $300,000.

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