
Anonymous
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Deductions & credits
you will probably end up losing. if you report only sales you will end up paying 14.1% in self-employment on the net income (sales0 reported. so in effect, you'll pay 14.1% in S-E tax on the sales in addition to regular income taxes. you run another problem. claiming certain credits when it's improper could result in the IRS barring you for taking them for the next 2 years.
‎January 21, 2020
12:21 PM