I need tax advice
I have been looking at what I have made for the year. I understand that there are 2 ways to file the taxes and I only understand 1 way. The first way is to figure out your net of your wins and losses subtract expenses and then pay a 15% self employment tax.
The other way I am a little grey on. I understand you have to add up all your wins and then all your losses, and somehow you end up paying a little more.
The thing is I don't have any records of my individual wins and losses. With the 1st way, I don't have that many deductions. Can someone explain to me the 2nd way of filing taxes. And what should I do about filing taxes?
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