Hey everyone, I am 21 years old and last year I started my own online business (August 2016) I sell Aerodynamic car parts, and till this day I haven't received any taxes forms, etc for this year. This is my first time having a business so I am new to all this. I have no workers which means that I do everything myself and I don't have a shop, I do everything from my house. I basically buy material from another business, I cut the material depending on the car the customer has and I sell it. I do not offer pick up, I only ship using UPS. So far I've made around 14k in profit. I give my customers the option to either pay through PayPal as friends and families or goods and services. They can also pay through my website using stripe. Mostly everyone picks PayPal friends and families. I checked under the taxes form section in Paypal and nothing is there. I did create a PayPal business account if that helps.
Should I be concerned that I haven't received anything? I don't want to get in trouble next year with the IRS nor do I want to owe a lot of money. Also, am I doing the right thing or not for accepting money as friends and families? Thanks!
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