I do graphic design through twitter for twitch streamers. They payme through paypal. I made over $2500 last year. Do i have to file taxes for this? if Yes How do i?

[bradm24]

I do this as a side job until i find a real job. I guess you can say i am self employeed sense this helps pay my cable and internet. I am just not sure if i made enough to file taxes and if so how i would go about it.  Also i dont know if this is considered a business sense i do it from twitter.

[VolvoGirl]

That is self employment income.  You have to file it on schedule C and pay self employment tax.  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.  Or any of the Desktop programs.  But you will get the most help in the Home & Business version.

https://ttlc.intuit.com/replies/4801198 

[bradm24]

Thank you. I got 3 more questions 1. If it still free to file for using any of those?   2. I didnt pay any taxes for self employement can they take them out of my income tax i would receive.   3. How often/where do i pay taxes for self employment

[VolvoGirl]

1. Not free.  But there is another Free File website you might qualify for.  I'll post that later.

2.  Yes the SE Tax is included on your tax return.  It either reduces your refund or gives you a tax due.  Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14.  The SE tax is in addition to your regular income tax on the net profit.

3.  You pay the tax with your personal tax return.  If you have a Profit you might need to send in some quarterly estimated payments to cover the tax.  Estimates are like withholding from your paychecks.  You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
 
- 2. You expect your withholding and credits to be less than the smaller of:
    90% of the tax to be shown on your current year’s tax return, or
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

[VolvoGirl]

There is also The Turbo Tax Free File program which is free for federal and state.  And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE,  etc.

NOTE:  You will have to setup a new account with a new username and new password or it will take you back to regular Turbo Tax.

To qualify for the Free File website  you just need to meet one of these 3 things
AGI $34,000 or less
Active duty military with AGI of $66,000 or less
OR qualify for EIC (earned income credit.)

In order to use the Free File program, you have to start it at a special website.  Click on the bottom Orange button I Qualify Start Now and set up a NEW account
<a rel="nofollow" target="_blank" href="http://turbotax.intuit.com/taxfreedom/">http://turbotax.intuit.com/taxfreedom/</a>

[bradm24]

is there a way to make payments for filing taxes? i barely make money as it is and cant afford what they charging me to file my taxes but i also dont want to be in an issue with tax evasion if i dont file by monday

[VolvoGirl]

Sorry no.