Reporting Online Business Earnings
Taxes on Online Business?
I am 13 and live in the U.S. I am about to launch an online business, do i have to pay taxes or even report the earnings?
If your income is $400 or more, you must file tax return and pay the taxes. This is irrespective of your ages.
You are self employed. You must file your tax return if your self employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040).
INTERNET MARKETING (ONLINE MARKETING) With Infinite Income Plan
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