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I have been a self employed artist for years. Last year I opened up a retail store in January but sadly closed it down in December. I had other artists who I paid commission to in my shop. Is that still considered self employed?
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I have been a self employed artist for years. Last year I opened up a retail store in January but sadly closed it down in December. I had other artists who I paid commission to in my shop. Is that still considered self employed?
Yes. If you were operating the shop as a sole proprietor or a single-member LLC, you were self-employed. You should file your income and expenses using Schedule C, Form 1040. If you paid commissions to any individual artist in excess of $600, you are required to issue a Form 1099-MISC. There is a link within TurboTax Self-Employed that will assist you in completing and issuing those forms.
If your incorporated or formed a partnership, you will need to file the appropriate business income tax return. These cannot be filed using any of our TurboTax individual income tax products. You would need to use TurboTax Business (Windows Only).
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