I am starting an online business where I will hold payments until work is completed. When work is completed I will release payments. I'm wondering what type of impact this would have on my taxes as I'm not actually keeping any of these profits. I know I will be taxed on the overall amount received, but is it possible to deduct what is paid out? Thank you!
... View more
Hello, I am starting an online business where I would hold payments until work is completed (escrow). When work is completed I would release payment to the seller. I'm wondering what type of impact this would have on my taxes. Does anyone know if I would be taxed on the overall amount I receive? Or can I deduct what I re-distribute to sellers? Thank you!
... View more