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I started a small online business this year and received a total income of $1,202.24. But I also know that Texas doesn't have income tax, so I don't know how to file this
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I started a small online business this year and received a total income of $1,202.24. But I also know that Texas doesn't have income tax, so I don't know how to file this
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I started a small online business this year and received a total income of $1,202.24. But I also know that Texas doesn't have income tax, so I don't know how to file this
Texas doesn't but the feds do ...
If you have net self
employment income of $400 or more you have to file a schedule C in your
personal 1040 return for self employment business income. You may get a 1099-Misc
for some of your income but you need to report all your
income. So you need to keep your own good records. Here is some
reading material……
IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf
There is also QuickBooks Self Employment bundle you can check out which
includes one Turbo Tax Home & Business return and will help you keep up in
your bookkeeping all year along with calculating the estimated payments needed
....
http://quickbooks.intuit.com/self-employed
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