How do I file? What do I do? What do I need?

Jayde
Jayde Member Posts: 1 Newcomer

I’m going to try to explain this the best I can I apologize if it’s hard to understand. the beginning of the year I started doing product reviews. The companys or person sends me the money for the product I need for the product,then I order it and after I receive it and can test the product I give my honest opinion and write review for product. I don’t get paid for doing this but I get to keep the items I review.  Most of the items are junk and get thrown away but there has been a few that I’ve personally kept, some I’ve given away as gifts, and I have also sold some. 

 Some items have an inflated price when I order then after a few weeks they go down like here’s an example I order a $200 blender then after I order it they change the price down to $50  and keep it at $50. I bring this up because I seen somewhere I had to find the value of it if I sold it and then how much I sold it for. 

How should I file and what all receipts/proof should I get together? I’ll be getting a paper from PayPal can’t remember what it’s called rn but because I made over the amount I’ll get it. 

If you have any advice or anything on what I need to do or should start doing that would be great I’m young and dumb and completely forgot that doing this would affect taxes and stuff and I’m so nervous 

Tagged:

Answers

  • RyanV
    RyanV FreeTaxUSA Team Posts: 6 image
    edited November 20

    Hi Jayde,

    Thanks for Joining the FreeTaxUSA Community. We've got plenty of free resources available on the community to help you file your taxes this year. One of our Tax Pro's recently wrote an article on "Reporting income from an online product review business" that answers your questions and can be a guide as you file your taxes.

    If you have additional questions, I'd recommend using Pro Support when you file. Our Tax Pro's will be able to give you personal help and answer specific questions about your online product review business.