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I'm 17, Should I claim taxes?
Hello, I recently came up with a contact in China who makes a product I can sell at a decent profit.
The only problem I ran into with this is;
I intend to keep half of the money earned in my bank account and the other half for re-investment and eventually, the size of my bank account will "tip-off" the IRS since I have no job and my family isn't wealthy.
I know I need to claim taxes but is there a way I can pay into something so I don't have to be taxed the 10% (or what ever it is) at the end of the year? Or, If i'm claimed on my mothers taxes would I have to pay at all?
(I would be buying a product wholesale from the manufacturer in China and selling it on Ebay here in the US at a 388.89%-555.56% profit)
2 Answers
- SlickterpLv 79 years ago
You absolutely must claim every penny over $400 you make for the year. You owe, and there's nothing you can pay into that will reduce the self employment taxes. Being a dependent does not change anything (makes you owe more actually).
The IRS does not monitor your bank account.
- Wayne ZLv 79 years ago
If you make over $400 for the year, you are REQUIRED by law to file a tax return and pay taxes.