How do you pay your taxes for the first time?

Question

I am a hair stylist and I work as a booth renter. I never paid taxes before and I deal only with cash and sometimes with paypal through my website. I'm now at the right stage where I'm making larger amounts of money and I need to start paying my taxes since I have a bank account and I'm making large deposits.

How do I start and where do I send my money to?

Answer 1

You fill out a federal tax return and send it to the IRS.  You'll need schedules C and SE, and form 1040.

If you are in a state with a state income tax, and most states do have one, you'll also need to file a state tax return.  Forms depend on the state, but are most likely available on your state website.

For any year where you made $400 or more, you are legally required to file

Answer 2

I too am new to this business of paying taxes and I just want to say that it's very annoying that the IRS does not have any resource teaching people how to actually pay taxes; if there is, I am having a very difficult time finding it. This is especially annoying since I actually want to do my part and give my bit of income to the gov't but they don't make it easy at all.

I'm learning right now so I can't give you specific answers, but I can tell you that the most informative site about this is actually the Wikipedia article on Tax Returns. You can follow the links that talk about the specific forms that apply to you from there:

http://en.wikipedia.org/wiki/Tax_return_...

Answer 3

You need to go to www.irs. gov and find the following publications

The instructions for Schedule C on the 1040 form

Publication 463 Travel, Entertainment, Gift, and Car Expenses.

Publication 505 Tax Withholding and Estimate Tax

Publication 583 Starting a Business and Keeping Records

Publication 587 Business Use of your Home