>>11217320>So if you bought something for 50 bucks, and sold it for 50 bucks, it wouldn't count towards that 600?Income is income, so what you need to do when you WRITE UP your income tax forms is claim that you had expenses in the amount of whatever it was that the toys costs.
That's how someone like Orange Jesus was able to go for more than a decade without paying taxes on income, he was claiming losses from his bankruptcies and real estate properties that didn't pan out, or were excessively borrowed against, etc.
You probably don't keep your receipts but you will want to make sure you have documentation, so say a bank statement that shows $200 at a Wak Mart or at Amazon where you can point and say $50 of that transaction was a toy you sold, and if you're only income is $50, you report "0" final income and pay no taxes, assuming you only sold that $50 toy in this example.
>>11217716I'm not an accountant, pal. There is a quarterly form which I believe you can find on line and should be 1040-ES Estimated Tax or somethng like that.
HOWEVER, you can also have your employer WITHHOLD more every quarter and take care of that. Let's say you sold $550 in toys this year and think you will manage that or more next year, and the tax on that is $50, you can ask your employer to withhold an extra $10 over each quarter (they have payroll services they use that will calculate how much per paycheck to come to $10 over three months, so you can just tell them $XX per quarter). And that will cover. The IRS guidance specifically says you can do it this way but many people do not, prefer to have their money today versus a potential refund come April.
