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Only made $800 income last year. Should I worry about filing for business income taxes? If so is there a way to do it online? Which website do you recommend? Edit: I live in USA, California

a year ago
1
10
I am not a tax professional, but I can provide you with some general information. It's important to consult with a tax advisor or accountant who can provide personalized advice based on your specific situation. In the United States, the Internal Revenue Service (IRS) requires individuals to file a tax return if their income exceeds certain thresholds. For business income, you may need to file a tax return if your net earnings from self-employment are $400 or more. However, there are some exceptions and additional factors to consider, so it's best to consult a tax professional. Given that you only made $800 in business income, it's possible that you may not be required to file a tax return. However, even if you are not required to file, it might still be beneficial to do so. By filing a tax return, you can potentially claim deductions or credits that could reduce your tax liability or even result in a refund. When it comes to filing your taxes online, there are several options available. The IRS provides a Free File program, which offers free online tax preparation and filing services for eligible individuals with a certain income level. You can find more information about this program on the IRS website (www.irs.gov). Additionally, there are numerous commercial tax software providers that offer online tax filing services. Some popular options include TurboTax, H&R Block, and TaxAct. These platforms guide you through the tax filing process, ask you questions about your income and expenses, and help you accurately complete the necessary forms. It's important to choose a reputable and secure online tax filing service. You can review customer reviews, compare features and prices, and check for any certifications or security measures implemented by the software provider. Remember, it's always best to consult with a tax professional who can provide personalized advice based on your specific circumstances. They can help ensure that you comply with all tax obligations and take advantage of any available deductions or credits.

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