Ok yea I know 12k is really nothing and far from my goal. But I wanted to get your attention lol. So I currently sell on eBay. From what I believe and heard, once you hit 250 transactions or $20k in revenue you have to file a 1099 for taxes. I've hit my mark of 250 transactions. My father told me that should open up a corporation or LLC if that makes any sense to help me with lowering my taxes. I currently have stopped post items scared the IRS will hit me with a ridiculous amount I have to pay back. I buy items from thrift shops and flip for money. I keep my receipts. On most of the items I buy are super cheap and make 1000% profit on it. Is it to late to open up a corporation and write off sales I did before I opened up the corporation? If that makes any sense. Any help will be appreciated.. Im open ears and would like to hear from you.
Thank you.
Submitted October 19, 2017 at 01:58AM by sclouiiev http://ift.tt/2yxgIOf
