Basically, for the tax year 2015 I ended up paying about $12,000 in taxes on a reported income of only $63K~ for self-employment.
The person who did my taxes advise me to set up a EIN as LLC which I did and could help me save a lot in taxes in the long-run. He provided me with a form 2553 (Election by a small business corporation) that I need to fill out well before I pay my 2016 tax year but I am not sure how to fill it out and if I am even doing the best way to save on taxes.
What I basically do is sale online and I withdraw money via paypal into my bank account. I earn about $5000 a month in net gross income.
It might be worthy to mention that I file jointly with my wife, but she only reports about $15,000 in income per year as she works part-time at a restaurant.
I am looking for the best advise possible for the future, thanks.