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I am currently operating an ebay business in my parent's name. I fully operate the business with their permission. This year the profit of this business is minimal. I understand that this business may be required to file a Schedule C Form. Do I need to file the 1040 and Schedule SE?


The BIDaWIZ Team's Answer:

Are you claiming any salary? The reason we ask is because it's actually more beneficial for your parents to employ you and pay you as a minor. They can pay you up to the standard deduction amount of $6,100 for 2013 without either of you incurring a tax liability. They would still file a Form 1040 and Schedule C, but there wouldn't be any tax liability as long as the business doesn't earn more than $6,100 and they pay you all of it.

The BIDaWIZ Team



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