I have a Youtube Channel- But the address and bank I initially registered was in the Philippines. And on 12/21/20- I finally received my first Pay- Can I file & itemized?

You will file a schedule C business. You will put on your income. All the expenses before you started will be start-up costs. After you got started, your expenses will be broken down.  Inside the sch C, the program has buttons that says Get Extra Help which explains all sorts of things with great links, words and video!

Here are my favorite links to help with what you can and should do.

Small Business and Self-Employed Tax Center - complete guide

• About Schedule C (Form 1040), Profit or Loss from Business   
• Publication 535, Business Expenses
• Publication 583, Starting a Business and Keeping Records
• Self-Employment Taxes

Because your income did not come from an employer, there was no Medicare, Social Security, or Federal tax withheld. You do not want to owe over $1,000 next year. You can make estimated payments. See Form 1040-ES, Estimated Tax for Individuals.

 Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.