Hello,
My husband started an online business selling stickers designed by our minor daughters. We just recently opened this month and we are not expecting to make much profits yet especially when we consider the expenses we just incurred in purchasing printer, cutter, and various supplies to get the business started. The shop is set up at Ko-Fi.com with payments going through PayPal. My questions are:
1. Do we need to file quarterly tax if we are not making any profits yet after deducting the initial set up costs? Are quarterly taxes filed for both federal and state? Does Turbo tax helps with this quarterly filing?
2. Are donations via ko-fi website taxable?
3. Should I be expecting 1099 issued from Ko-Fi or from PayPal?
Thank you,
Winny
