I am selling items on an online platform .All my items are purchased at Charities and Non Profits i use a single Credit card for these transactions. Are my c.c. statements with transaction amounts sufficient for taxes?(2) Are there any deductions that I can take advantage of to off set Taxes? Expenses, internet, etc.... Seems very unfair that these items are at least triple taxed already and in a lot of instances many more times..
You'll need to sign in or create an account to connect with an expert.
You will have self-employment income, for which you will pay self-employment tax for Social Security and Medicare, as well as possible ordinary income tax. When you are self-employed, you need to prepare a Schedule C for your business expenses, which may include the costs of purchasing the goods you sold, your shipping costs, etc.
You will need to use online Self-Employed TurboTax software or any version of the CD/desktop software in order to prepare a Schedule C.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Hotfoot124
New Member
ConnieK
Level 1
Pio9577
Level 1
David_R7
Level 1
SmallBiz
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.