Self-Employment Taxes

I live in Texas, and I opened an online business via Shopify and acquired a Texas Sales and Use Tax Permit in order to purchase inventory wholesale.  I have been paying my quarterly taxes to the state.   I have three questions:  1.  Do I need to acquire an EIN or anything on a federal level for my online business if I am the individual owner and only employee for federal tax purposes?  2.  I sell on other platforms such as Poshmark and Mercari under my business name, so do I need to pay self-employment taxes apart from 1099-k taxes even if my total sales for the year are under $1000 and this is the only income I've had?

hchu
Expert Alumni

Self employed

Hi!  Those are very awesome and thoughtful questions!

Great job filing quarterly sales tax.

You do no need an EIN#.  You can file a Schedule C (self employed) using Turbo Tax Self-employed.  You will only pay taxes on your income once.  The Turbo tax program will ask if you have a business name.  When you enter the income on your  schedule C you can add all the income from all sources and all the expenses associated with your business.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post