topic I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim? in After you file

I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim?

melaniebiagi — Mon, 05 Aug 2019 18:03:27 GMT

Re: I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim?

GabiU — Thu, 08 Aug 2019 19:50:32 GMT

Check out this FAQ to find out what you can deduct as a self-employed tax payer!

Re: I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim?

VolvoGirl — Thu, 08 Aug 2019 16:18:41 GMT

Here is some general info. You will need to keep good records. You may get a 1099Misc at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small. You might want to use Quicken or QuickBooks to keep tract of your income and expenses.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....

http://quickbooks.intuit.com/self-employed

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

Re: I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim?

VolvoGirl — Thu, 08 Aug 2019 16:20:50 GMT

@GabiU That link doesn't work for me. Get red error bad parameters.

Re: I have started to sell essential oils (2019). I would like to find out what information is needed for tax return reasons. What can I claim?

GabiU — Thu, 08 Aug 2019 16:22:26 GMT

Private Message me a screenshot @VolvoGirl!