Do I need someone to do my taxes? I’m terrible with that stuff. Thanks!
If you don’t understand, then you need to get someone to do it for you.
Or learn more about it so that you can do it yourself. It’s not that hard.
But if you don’t file your taxes, the taxman will probably catch up with you, whichever country you are in.
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If you’re terrible with taxes, a tax professional might be worth the cost, especially if you’re planning to grow your business.
Do you need any help with that?
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Once you start making extra income, taxes can get a little tricky. Generally, if you’re making over $400 in self-employment income (if you’re in the U.S.), you have to report it and might owe self-employment tax. I used to find it confusing too, but once you get the basics down, it’s not as bad.
Do you do freelance work or some kind of business on the side? I always like connecting with people who are building extra income streams.
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Thank you all for your responses.
No, it’s just from selling on Amazon.
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Yes, you need to report it as self-employment income and might owe self-employment tax. A tax professional can help if you’re unsure. Planning to grow your business?
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For just $500 in profit, I don’t think you need an accountant. Declare it to the IRS as income.
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If you’re making around $500 a month in net profit, you’ll need to report it as self-employment income on your tax return. In the U.S., you’ll file a Schedule C (Profit or Loss from Business) along with your Form 1040. Since your earnings exceed $400 annually, you’re also required to pay self-employment taxes (Social Security and Medicare) using Schedule SE. You can reduce your taxable income by deducting business expenses such as inventory costs, software subscriptions, and shipping fees. If taxes confuse you, using tax software like TurboTax Self-Employed or H&R Block can simplify the process, but if you want to ensure accuracy and maximize deductions, hiring an accountant or tax professional could be worth it.