Hi, I started a mainly online business selling handmade jewelry and did better than I expected. This is currently my only source of income and I have had no outside employer for this full tax year. I am registered within my state (IN), and already gave them their sales tax for my few in-state sales. But now what do I need to do for Federal taxes? Thanks!
Monday, February 21, 2011
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3 comments:
Good morning and thank you for posting your question on our blog.
You are now required to disclose this income on the tax return. Based on what I am understanding, it appears you don't have a legal structure for your business. Therefore, you qualify as a sole prop or a self-employed business. You need to file a Sch C along with you 1040 Form to disclose this income and depending on the income you will be paying federal and state income tax and also self-employment tax.
If you need help filing the return, please let us know. You can reach us at amehdi at webtaxoffice.com
Hope this explanation helps.
Good luck,
Web Tax Office Team
Thank you for the advice :) How much would you charge to prepare such taxes?
Please email me and I will be able to give you an estimate. My email address is amehdi @webtaxoffice.com (Please not that there is no space after amehdi)
Thanks,
Web Tax Office Team
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