I earn 5000 dollars on my LLC in California. It was tax transactions on a flea market stall which I share with my sister. The stall was in her name and business. Now I want to know how to show that in my taxes and how can I maximize my deductions. It was all tax transactions. I have the records but no receipt.
LLC I made was for some dropshipping that I did on Amazon and other online platforms. How I am going to put this in my taxes ?
You start by going to the self-employment section of the federal return. You'll find that under "Wages and Income". Scroll down to self-employment and click start. Then the system will ask you a series of questions. Answer them as best you can. You'll enter the $5000 that you made and you'll also have a space to enter the expenses that you had. Your sister is paying the rent at the flea market stall so you don't have an expense for that but you do have costs for the stuff that you sold as well as for shipping. Enter in all of the costs that you can find and the system will work out what amount is taxable for you.