I want to start a business on ETSY selling hand-made jewelry. I have several questions:
Is it better to do an LLC or sole proprietorship/self employed for the type of business I want to start? also do I need a business license either way?
Do I have to pay Medicare and SS taxes with this type of business? If so how much will I have to pay, when , and do send it directly to the IRS?
How far back can I go to deduct my startup expenses or expenses if I am just now wanting to start my business on ETSY? I am asking because I have been purchasing materials and supplies since last year because I was going to start the business last year but I was not able to due to an unexpected illness.
Will starting my business on Etsy help me overall on my personal taxes? I file a married filing jointly status with my husband and last year we made a combined income of around 70,000 before adjusted gross. I just dont want to owe taxes if I start this business.
Do I also have to pay GRT to my state when starting this business?
If I use a payment app thru ETSY to get paid how does it affect my taxes?
