<prompt> Human: Ok yea I know 12k is really nothing and far from my goal. But I wanted to get your attention lol. So I currently sell on eBay. From what I believe and heard, once you hit 250 transactions or 20k in revenue you have to file a 1099 for taxes. Ive hit my mark of 250 transactions. My father told me that should open up a corporation or LLC if that makes any sense to help me with lowering my taxes. I currently have stopped post items scared the IRS will hit me with a ridiculous amount I have to pay back. I buy items from thrift shops and flip for money. I keep my receipts. On most of the items I buy are super cheap and make 1000 profit on it. Is it to late to open up a corporation and write off sales I did before I opened up the corporation? If that makes any sense. Any help will be appreciated.. Im open ears and would like to hear from you. Thank you.  <response>: Thats actually great. Kudos! 