How would I file?
2007-11-13 02:17:07 · 5 answers · asked by gbluhmski 1 in Business & Finance ➔ Taxes ➔ United States
Avon does not report your sales if they fall under a certain amount of money. However you should keep track of all your cost to deduct for your home based business, such as mileage, phone bill, postage, sales aids etc...
Avon has many foms onluine to help you keep track of what is deductable.
2007-11-13 03:55:03 · answer #1 · answered by Silver 2 · 0⤊ 0⤋
You'd have to file a form 1040, not 1040A or EZ. Along with that, you'll file a schedule C showing your income and expenses from the Avon, and a schedule SE to calculate your self-employment tax (social security and medicare tax on your Avon profits). The numbers from the schedules will transfer to your 1040 to calculate your tax.
2007-11-13 04:10:40 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
Correct, if you'll owe less than $1000 you don't have to do the quarterly payments, just set it aside and pay when you file. The $1000 is the amount you'll still owe for your entire return after applying any withholding from your full time job. 15.3% probably won't be enough though to cover the self employment tax and the income tax on the freelancing. Is very likely more like 30%.
2016-04-03 22:40:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your profits from the sale of Avon products is taxable as ordinary income. If they are over $400, you will have to pay self-employment tax (social security & medicare for self employed persons.)
2007-11-13 02:52:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
probably a 1099 misc form
http://www.irs.gov/pub/irs-pdf/f1099msc.pdf
2007-11-13 02:27:00 · answer #5 · answered by Kimmy 4 · 0⤊ 0⤋