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storrez71
Level 1

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?

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Accepted Solutions
hchu
Employee Tax Expert

Self-Employment Taxes

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.  

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1 Reply
hchu
Employee Tax Expert

Self-Employment Taxes

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"
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