Taxes owed

Cheryl9933 — Wed, 25 Sep 2019 03:04:19 GMT

I own an mlm that I just started. I do local vendor shows. At every show they give me a sheet that I have to fill out to pay taxes. I was told that I didn't have to pay the taxes because I pay taxes on the retail costs of the products when I purchase them to sell at a show. I am just leary about this and don't want to owe a bunch of taxes at the end of the year. I also am confused on whether I need to file and pay quarterly taxes on my earnings. I have a full time job that takes taxes from my check and the mlm is just a side job. On average I have purchased around $1000 a month and mark it up 40% . So I guess that I will make around $5000 this year. But I have a large amount of expenses that can be deducted, like show costs & shipping are the large amounts. There were several shows where I lost money because of the large booth fee. Help do I need to pay taxes on each show and do I need to be filing quarterly taxes? If I have paid taxes on the retail amount of the items that I am selling.

Re: Taxes owed

redman6650e — Thu, 26 Sep 2019 10:59:16 GMT

Hi cheryl, im new here so take my advice with a grain of salt and please consult a higher level user or tax professional for clarification. the answer to your question is yes you have to pay retail taxes but it depends on your state are you coded as an mlm resaler, i know in Il you have to be registered with the il dept of revenue online and that you have to make estimated payments once you hit $600 dollars, so you are way above the threshhold, kudos for your quick thinking and getting ahead of your taxes trying to do the same myself

topic Taxes owed in Self employed

Taxes owed

Re: Taxes owed