Question

selling clothing online

Forum|Forum|2 years ago
June 30, 2023
1 reply
0 views

I am selling items on an online platform .All my items are purchased at Charities and Non Profits i use a single Credit card for these transactions. Are my c.c. statements with transaction amounts sufficient for taxes?(2) Are there any deductions that I can take advantage of to off set Taxes? Expenses, internet, etc.... Seems very unfair that these items are at least triple taxed already and in a lot of instances many more times..

Not A Product Question

X

xmasbaby0

You will have self-employment income, for which you will pay self-employment tax for Social Security and Medicare, as well as possible ordinary income tax. When you are self-employed, you need to prepare a Schedule C for your business expenses, which may include the costs of purchasing the goods you sold, your shipping costs, etc.

You will need to use online Self-Employed TurboTax software or any version of the CD/desktop software in order to prepare a Schedule C.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**