Hey guys I work a full time job however I do have a small makeup and skin care business that I make a little under 1000$ at. Do I claim this? Will it hurt me or help me?

[rjs]

You have to report the side business. You have to report all your income, no matter how little it is, regardless of whether it helps or hurts. If you made a profit from the business you will have to pay income tax and self-employment tax on your net business income.

If you are eligible for the Earned Income Credit, the business income might increase or reduce the credit, depending on your total income.

If you have expenses for the business, you cannot report it in TurboTax Online Basic. You will have to upgrade to Self-Employed, or use any version of the CD/Download TurboTax software. You have to report all your business expenses.

[Critter-3]

If you are new to being self employed, are not incorporated or in a partnership  and  are acting as your own bookkeeper and tax preparer you need to get educated ....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-NEC for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf

Publication 463 Travel, Gift, and Car Expenses

https://www.irs.gov/pub/irs-pdf/p463.pdf 

Publication 946 … Depreciation

https://www.irs.gov/pub/irs-pdf/p946.pdf

[Hal_Al]

Q. Do I claim this?

A. Yes.

Q. Will it hurt me or help me?

A. The great American tax system is complicated.  The income is subject to both income tax and self employment tax (SET).  SET is how the self employed pay social security and Medicare tax on their SE earnings. 

But the income is classified as earned income and may qualify you for more refundable EIC (earned income credit) and/or more additional child tax credit. 

Enter your regular income first and note the result.  Then enter your self employment and observe the change. Or you can use this tool to compare https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1