Hi craigv,
Hope all is well with you. If you have a net profit of $40,000, you would pay self-employment taxes (social security and medicare taxes) and ordinary taxes.
We recommend you use our Tax Calculator to estimate your tax liability and make estimated tax payments to the IRS and your home state. The IRS deadlines are currently 9/15/23 and 1/16/2024. When your income varies, we suggest to use the tax calculator.
What do you mean by "basically zero or would have given a refund"?
Cheers,
Laura
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