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Additional Details
i do not live in a big ... |
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jacklyn_of_all_trade... | How do I file taxes as self-employed? |
Hi, for the past year I have been buying and selling stuff online "for fun" but in the last couple of months I found a really good product source and my "hobby" has become very profitable and now I feel like I really should be claiming my income. I am kind of intimidated by the whole thing and don't know where to start. I saved my receipts and stuff for October until now (that is about when things started to make money.) I thought about getting a business license but it just doesn't seem necessary since I do not have any employees. Its just me. |
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xtraheavy01
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jacklyn_of_all_trades,
As a self employed person you need to report your income and expenses on Forms 1040 Schedule C and Schedule SE.
Since most of the year is past, you can wait and see where your net income is before you need to pay estimated taxes for the new year
using form 1040ES and your respective state.
If you have a lot of transactions to report, you may want to purchase Quickbooks software or use a spreadsheet to accumulate your sales and costs and other operating expenses
Take a look at Schedule C. It breaks down what you need to report
You may have
Sales
Cost of Sales
Amounts you paid for Purchases
Shipping Costs
less: Ending Inventory (If you have any hoods you purchased that you have not sold at year end)
You would record your inventory at what you paid for it.
You would then have
Sales less Cost of Sales which will equal your profit.
You may have operating expenses:
Cell Phone usage
Office suppliesinternett usage
Computer repairs.
After you apply your operating expenses you have net income
You should set aside at least 40 percent for taxes.
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Judy1
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You'll file a schedule C to show your income and expenses, a schedule SE to calculate your self employment tax for social security and medicare, and a form 1040 to tie it all together. You'd be wise to talk to a CPA or Enrolled Agent to find out what kind of records you should keep and what you can deduct, and maybe have that person prepare your return at least the first year. |
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вoиич;; ♥
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Carefully |
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Father Juan
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see h r block |
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acmeraven
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Go to IRS.GOV and under forms get a free Publication 17 which will explain that which you have to do. In a nutshell you fill out a Sch C which lists all your income and expenses, if you wind up with a profit you also fill out a sch SE for your self employment FICA/MEDICARE. You go for entire calender year with your expenses and income so don't be surprised if your bottom line is a loss. |
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Basstoured
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Turbo Tax is the easiest way to handle taxes on your own. It will walk you through step by step. It's not difficult at all. You are supposed to pay estimated quarterly taxes, so you don't have to pay a large sum on April 15th.Good luck! |
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Charles G
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If you are making a profit, you should file Sch-C to put your income and expenses on. If it is a hobby (not run to make a profit), you put your hobby income on Misc Income on 1040, and expenses on Sch-A.
If you are confused, get a good book or see a tax professional. |
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Kay
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You are making the right decision in saving the receipts. Any self-employed income more than $600/year require reporting and paying taxes to IRS.
When you file your tax returns, prepare Form 1040, Schedule C - Profit and Loss from Business and Schedule SE - Self Employment Tax. In the Schedule C, you fill out your income and allowable deductions from your internet business. You use your social security number for the time being. You may apply to obtain Federal Employer Tax ID by filling out Form S-4 (you can get it by going to www.irs.gov).
After you fill out Schedule C, prepare Schedule SE.
On your first year tax return of becoming a sole proprietor of business (your internet business), you might be better off going to a tax preparation professional to prepare your tax returns.
It's nice to hear that your "fun" became an incoming producing business. Keep up the good work! |
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cat lover
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It is not simply a matter of not having employees. You have a source of income, and that is taxable. Just like if you won something in the lottery, it becomes taxable. You also have expenses involved in selling your items. Beside Federal, you will have the State to deal with.
If it is really 'profitable', then seek out a CPA or tax accountant, and they can start from $75/hour. But that might be very worthwhile. Not only are their fees tax deductible, you will get answers that you can depend on. The link I have posted is a source for getting started, but you really need to consider professional advice.
I think you probably will waste time and money going to the regular tax people (H&R Block, etc.) as they are likely less knowledgeable to help you.
There may be some eBAY forums that deal with this issue, as it becomes more and more common. |
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honeyalmondcandlefreak
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If you make over $1200 in Missouri, you have to claim your income. Especially if you can trace the money i.e. paypal transactions, checks.
But what you need to do is file a 1099. Look up info on 1099. If you aren't sure what to do, you can always call the irs or go to your local HR Block. They will help you. HR Block will charge, I think. But you can always call and ask.
I used to own my own cleaning business and had to claim on 1099s. But because my husband claimed the most he could, I did not have to worry about the taxes because he paid enough in to cover my taxes as well as his.
So the best bet would be to call the IRS or HR Block. They will tell you exactly what to do.
I'm sorry, the form you need is called a Schedule SE not a 1099 but if you look up 1099 you will still get info on unemployment.
Below are some websites that I thought could help you. |
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friendlystranger65
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Hire an accountant. At a minimum you should have a federal tax number for the business. A real accountant will save you money because he can point out business expenses and deductions that you will overlook by yourself or with somebody with eight hours of training.
When you are talking to the IRS, you want your ducks to walk in a row. They are not likely to send you to jail unless you are doing something obviously illegal, but they can make your life very uncomfortable for a long period.
Get started now, do not wait until the busy season [January-April] for accountants starts. Ask a friend or a professional who they would recommend. |
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To ∞ N-Beyond
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carefully |
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Sardiamo
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Call H&R Block. They are very reasonable and can do everything for you. |
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