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Business & farm
Just fair warning, don't be shocked at the amount of additional tax you may owe.
Starting your own business requires a good understanding of the tax implications; you will owe both income tax and also self-employment tax.
Here are a couple of links that will provide you with some guidance / information on small businesses:
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
Appears the 2019 Publication has not been released, but the 2018 will provide good guidance:
https://www.irs.gov/pub/irs-pdf/p334.pdf
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎January 24, 2020
8:00 AM