How do you approach your taxes after you earned money online?

Danalana

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Dec 13, 2017
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What forms do you have to fill out? I heard that you have to fill out schedule C with your form 1040, but that is all I know so far. If you only earn around 70 bucks this year from money online, how do you report that in taxes? Thank you.
 

Rob Whisonant

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Yes a schedule C is for sole proprietors. Since this is your first year, I would highly recommend hiring an accountant for an hour to sit down and discuss what records you need to keep, file etc. Save his bill since it's going to be tax deductible as a business expense.
 

bisbol

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Jan 22, 2022
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I think if you know how much you make in a year and you equally know your expenses then definitely you have to pay taxes on your profit.
 
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