I have a few questions, thank you in advance for the response:
1) I started an LLC partnership with my husband. Total income/profits are still low, between 1k-2k currently. I have some larger expenses I need to make for the business, will these deduct what I would owe in taxes? Or will I still need to set money aside for taxes?
2) Are there tax thresholds you reach before being taxed, or are all profits taxable income?
3) As far as Venmo/PayPal, we have a private account that receives gifts from family for our children, if that’s over $600 is that being included in 1099-K? Or payments/gifts from friends and family?
