Prairie~Phlox Posted June 16, 2016 Share Posted June 16, 2016 Are the taxes complicated? Dh said I could sign up for something that I've been wanting to sell, but the tax part of it scares me. I'm not doing it to become make extra money, just something that I used and would like to share with others, if they buy, great, if not, whatever. 1 Quote Link to comment Share on other sites More sharing options...
JustEm Posted June 16, 2016 Share Posted June 16, 2016 I've never had any difficulty with taxes. I don't make enough money to need to file quarterly so I just take out a small percentage of each job, I pet sit, and save it in case I owe taxes at the end of the year. After business expenses are calculated I generally owe a tiny amount. I use TurboTax to calculate that amount. But throughout the year I track everything that can be a business expense. For me, that is gas spent, supplies for advertising, leashes, nail trimmers, part of our utility bills and property taxes because I have a dedicated office space for my business, and other random things. Turbo tax walks you through what can be claimed as an expense. So as long as you keep good records throughout the year it is fairly easy. Quote Link to comment Share on other sites More sharing options...
Catalytic Posted June 16, 2016 Share Posted June 16, 2016 Are you meaning sales tax or business tax? For sales tax, it's just a matter of multiplication. For federal/state taxes, it's just an extra form or two, we use Turbo Tax (and have for almost 20 years) for that. TT walks you through it. Quote Link to comment Share on other sites More sharing options...
Lanny Posted June 17, 2016 Share Posted June 17, 2016 You will need to file a "Schedule C" with your Form 1040 each year. If you have more than $400 in Net Earnings (Profit) you will need to pay Self Employment Tax on that. That's Social Security, etc. For the past 6 years or so, I used TaxACT, to file my U.S. Federal return (I'm overseas and not a resident of a U.S. state, so I don't need to file a state return). To my astonishment, a few days ago, when I was ready to prepare and file my 2015 return, after I went to TaxACT, I found their fees for my return had doubled or tripled. I found FreeTaxUSA.com and I filed my 2015 return with them, FREE. Excellent. GL P.S. Even with their new fee structure, TaxACT charges far less than TurboTax or H&R Block, for the same forms. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.