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More likely she got advice from wrong person
Posted by  JanetK_CA of CA on 3/20/24 5:08pm Msg #648038
She said she made estimated tax payments. What she didn't say was whether or not the advisor she used warned her about self-employment taxes, and whether or not she accounted for any potential income increase in the following year. It also said nothing about filing a Schedule C, to deduct business expenses. (It's also possible that, running her business on TikTok doesn't give her much to write off.) Using a tax person who mostly does W-2 type of returns and doesn't understand the implications of being self-employed (especially if that person is oneself), is a recipe for this type of problem!

As was already said, it's all about doing more homework on what it means to run a business beyond today's version of getting a commission and hanging up a shingle...
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Messages in this Thread
 Scary...6 figure income person & CA tax time - Lee/AR on 3/19/24 6:54pm
 Re: Scary...6 figure income person & CA tax time -  Cheryl Elliott on 3/19/24 10:17pm
 Re: Scary...6 figure income person & CA tax time -  Yoli/CA on 3/20/24 7:38am
 Re: Scary...6 figure income person & CA tax time - jnew on 3/20/24 8:22am
 More likely she got advice from wrong person -  JanetK_CA on 3/20/24 5:08pm



 
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