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Filing taxes on artist commissions

I am a young artist (self-employed) who is nearing $400 in earnings (when I would have to file for taxes), and I have absolutely no idea where to start in reporting my earnings for the next year. I've read and read on the IRS site, but none of it makes sense. 

I want to know what forms to file and how to file them. All of my earnings are on the PayPal website. 

1 Best answer

Accepted Solutions
IsabellaG
Employee Tax Expert

Filing taxes on artist commissions

First,I want to clarify that if you had income besides the artist commissions for the year, and you have to file a tax return, you would have to include your commissions even if they are less than $400.

That $400 figure is the amount at which you start paying self-employment taxes, not income taxes. You have to report all your income, even if it's less than $400.

To prepare your return, you'll file a Form 1040 with a Schedule C, Profit or Loss from Business. Currently, TurboTax Self-Employed is the online version that handles this type of income and expense. Any CD/Download Product can also handle your situation.

You will enter your income and your expenses, and the net profit (or loss) will be transferred to your 1040. 

If you have specific questions about tax issues, you should post another question in the forum. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
IsabellaG
Employee Tax Expert

Filing taxes on artist commissions

First,I want to clarify that if you had income besides the artist commissions for the year, and you have to file a tax return, you would have to include your commissions even if they are less than $400.

That $400 figure is the amount at which you start paying self-employment taxes, not income taxes. You have to report all your income, even if it's less than $400.

To prepare your return, you'll file a Form 1040 with a Schedule C, Profit or Loss from Business. Currently, TurboTax Self-Employed is the online version that handles this type of income and expense. Any CD/Download Product can also handle your situation.

You will enter your income and your expenses, and the net profit (or loss) will be transferred to your 1040. 

If you have specific questions about tax issues, you should post another question in the forum. 

**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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