>2017 - neet all year
>2018 - start selling shit online
>profit $11,000
>the IRS wants me to pay $1600 in FICA taxes
How the fuck is a poorfag like me supposed to pay this much tax? This is insane.
>2017 - neet all year
>2018 - start selling shit online
>profit $11,000
>the IRS wants me to pay $1600 in FICA taxes
How the fuck is a poorfag like me supposed to pay this much tax? This is insane.
Don't use roads then faggot
Why did you claim employment / profit at all
>You made 11k.
I didn't "claim" anything.
Most of my earnings is via Amazon and I'm pretty sure they report it to the IRS. So the IRS knows that I made money.
Idk wtf FICA is but can't you just claim you lost money through overstated expenses?
>1099K
You gotta do what you gotta do. I was in the same boat my first year as an etsy seller with only $17k of revenue, not even profit.
sounds about right, and fair.
15% Self-Employment Tribute to Israel. Numbers check out, yeah.
Thanks for the shekels, goyim.
you should be able to scam up some tax credits. if that's your only income you definitely can get the EITC if you aren't underage.
what did you sell user ?
REEEEEEEEEEEEEEEEEEEEE
Books that I wrote myself.
So you paid no taxes then. What’s the problem?
should've made more money brah
OP do you live with your parents? How do you survive with 11k?
I lived with parents until very recently.
I did have to pay and you have to file regardless if you get a 1099k.
What is going on with Jow Forums lately? It's a finance board where the average contributor has zero (or some negative number) real world financial knowledge. Very strange...
>not compartmentalizing your life into an S Corporation
Not gonna make it
You said you had no profit... why would you pay tax retard? Kek. I’ve been filing 1099s my entire life, never had a real job. Self employed.
you still have to pay taxes on that money if its an S corp
Nigger I barely make enough to pay my living expenses, I can't afford to pay a lawyer/accountant to explain S corp legal shit to me.
>is it hard to do yourself?
Only if you get lazy on your expense reports
I'm sorry then, you misunderstood/misread what I typed. Fair enough.
I only did $17k for the year in revenue, but I was profitable. I stated the 17k to underscore how little I earned before expenses, even in juxtaposition to op's numbers, to related that filing is necessary to the person I was originally responding to.
> I can't afford to pay a lawyer/accountant to explain S corp legal shit to me.
Most will explain it for free and no it’s not hard. Basically keep all the receipts from everything you do. Everything. It’s a stupid little game, but you get used to it
How much will this save % wise vs self employed tax?
At a minimum %3 but once you figure out how to abuse per diem, capital/expense, and your own salary you can get prett fuckin close to zero.
Any tips on how to learn this? Or do I need a professional?