Hello, so i just recently started making some good money online selling a reselling a service. I use paypal for all my transactions i haven't received anything from them yet for taxes, i spoke to some people and they are telling me i need to file quarterly. I know paypal has started reporting to the IRS so i want to do everything properly and on time. In this first quarter i have grossed around $15,000 but after all my expenses i only got about $7,000 to keep. I do not know how long this money is going to be coming in and it really varies as some days i will make $50 in sales and other days over $1,000 in sales. So my question is do i have to file quarterly or can i just do it at the end of the year? I take it paypal will eventually send me something telling me how much i grossed? Also is it better to register a LLC or just stay as a sole proprietor, i have 3 full time odesk employees. I am only 20 and have only had my regular job as income which was really easy to do, so i know nothing about self employment taxes.

Thanks in advance!



http://forums.masr.me