Just have some questions regarding taxes and filing.
As of June of this year, I became independent from my household (rather unexpectedly), and moved from Florida to South Carolina.
I'm now assuming that I need to do my own taxes as well. I will add a bit of information that may or may not have in impact on taxes.
This is my first year
filing as an independent. Every year before this, I was declared a dependent under my father who just marked my profit
as an extra source of income. We did have someone who did our taxes and said that my profit can be waived as such. I understand that this time around, I need to be a little more... specific.
Commissions are my ONLY source of income, I do not have a "real" daytime job or any other source of income. I literally only do commissions.
I also have never had a job that collects taxes. I was always paid "under the table" so I'm a a fresh face to filing.
I haven't calculated anything, but I believe that I have not made more than 10,000$USD in INCOME. (I believe I'm around or under $5000 profit.)
I do not own or rent a house/apartment. We live with my finace's parents. I do pay for bills (that kind of acts as rent), but it is only a phone bill that is under my fiance's father name, which gets put under my credit card. I also do not own a car. (I own no property that needs to be registered.)
I DO NOT
have a business license of any sort. (As of current)
I do have receipts saved (ranging from materials, supplies and furniture that I've bought for working on commissions/sewing), and I can pull up invoices of EVERY transaction made for commissions this year. (whether refunded, partially paid, cancelled, fully paid, ect.)
I do NOT have a dedicated "business" banking account, everything is either on my personal banking account or stays on my PayPal account. I also do not "pay" myself. All income either gets limbo'd back into buying supplies, or just used to pay bills/necessities/luxuries, or just saved.
I only did transactions via PayPal.
I'm not sure if I'm a special case or anything, but any help would be appreciated. I would prefer to do my own taxes than run and dump them on an accountant of any sort (since sometimes their fees can be a bit hefty...). I know there are plenty of plushie makers and artists that are on the same boat as me, so feel free to throw me a life line!
I ask of one thing, DO NOT
tell me to just go under the radar and not file; not only is that illegal, but if you're doing it, you should really consider fixing yourself before you get in trouble.
I don't want to scare anyone, but it's something you really do want to consider in case you run into problems in the future. If I didn't have to file, I wouldn't be asking.
If I'm missing any type of information that would otherwise be helpful, I don't mind adding it in unless it is a bit too personal or compromises my identity.
(E.G bank account numbers, SS#, ect. hah.)
My biggest questions are:
What form(s) will I need to fill out?
Can I do this without an accountant? (I don't mind help from accountants, but I'd prefer to do it myself)
What can you tell me about Quarterly Taxes? (I found a few things about it... and I found that I don't need to do quarterly, but I just need to make sure)
Overall I'm not sure what else I should be asking. I'll add in more info and questions, or may ask more specific questions as needed.
If you have any helpful information, even if it doesn't pertain to the questions above, please let me know.
I've seen a 1040 and know the basics of filling one out (even though I've never filed one).
ANY help would be appreciated, I would prefer the help from someone who files as an artist, or sounds similar to my situation!
If you have any helpful links or articles, that would work as well.