Contact UsI am an artist who has sold a small amount of my work this past year. It is my understanding that there may be exemptions from taxes. What are the exemptions?
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Tax Professional Answers
William Keats
If you are self-employed, use Schedule C to report your income and expenses. If the net income, after expenses, is $400. or more, you will owe self-employment tax, You will not owe income tax.
However, if you are single, and your income is over $10,000. you will owe federal income tax and self-employment tax, and probably state tax depending on what state you live in. This is the result if you are a US citizen, no matter where you reside.
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569 weeks ago
However, if you are single, and your income is over $10,000. you will owe federal income tax and self-employment tax, and probably state tax depending on what state you live in. This is the result if you are a US citizen, no matter where you reside.