I own an mlm that I just started. I do local vendor shows. At every show they give me a sheet that I have to fill out to pay taxes. I was told that I didn't have to pay the taxes because I pay taxes on the retail costs of the products when I purchase them to sell at a show. I am just leary about this and don't want to owe a bunch of taxes at the end of the year. I also am confused on whether I need to file and pay quarterly taxes on my earnings. I have a full time job that takes taxes from my check and the mlm is just a side job. On average I have purchased around $1000 a month and mark it up 40% . So I guess that I will make around $5000 this year. But I have a large amount of expenses that can be deducted, like show costs & shipping are the large amounts. There were several shows where I lost money because of the large booth fee. Help do I need to pay taxes on each show and do I need to be filing quarterly taxes? If I have paid taxes on the retail amount of the items that I am selling.
