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December 29, 2024
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How are taxes done when selling thru a facilitator like Etsy?

  • December 29, 2024
  • 1 reply
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Sole proprietor, they claim your sales and taxes collected is what I read. Up to 20k in sales.
    Best answer by xmasbaby0

    You may or may not receive a tax document from Etsy---but you have self-employment income, which you must enter on your tax return.  If you have even $400 of self-employment income you are required to file a tax return and pay self-employment tax for Social Security and Medicare, as well as ordinary income tax if you make more than your standard deduction amount.

     

    If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

     

     

    https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

     

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

     

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

    https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

     

     

    https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

     

     

    https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

    calculator-2021-2022-50907/

     

    https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

     

     

    If you live in a state with a state income tax, you might need to make estimated payments to your state.

     

     

    https://turbotax.intuit.com/tax-tools/calculators/self-employed/

     

    https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413

     

     

     

    If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency 

    Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.

     

     

    1 reply

    xmasbaby0Answer
    Employee
    December 29, 2024

    You may or may not receive a tax document from Etsy---but you have self-employment income, which you must enter on your tax return.  If you have even $400 of self-employment income you are required to file a tax return and pay self-employment tax for Social Security and Medicare, as well as ordinary income tax if you make more than your standard deduction amount.

     

    If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

     

     

    https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

     

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

     

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

    https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

     

     

    https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

     

     

    https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

    calculator-2021-2022-50907/

     

    https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

     

     

    If you live in a state with a state income tax, you might need to make estimated payments to your state.

     

     

    https://turbotax.intuit.com/tax-tools/calculators/self-employed/

     

    https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413

     

     

     

    If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency 

    Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.

     

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**