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.