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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
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I am not a tax professional, but I can provide some general information that may help you. Please consult with a tax advisor or use official IRS resources for accurate advice tailored to your specific situation. In the United States, if you earned $800 or more in self-employment income, you are generally required to file a tax return and report that income. As a self-employed individual, you would typically report your business income and expenses on Schedule C, which is attached to your Form 1040. Even if your income is below the threshold for owing federal income tax, you may still need to file a tax return to report your self-employment income and potentially pay self-employment tax. Self-employment tax covers Social Security and Medicare taxes for self-employed individuals. In California, you would also need to file a state tax return if you meet the filing requirements. California has its own tax forms and regulations, so you should review the California Franchise Tax Board's website or consult with a tax professional for specific guidance. Regarding online filing options, the IRS provides a Free File program for eligible taxpayers with an income below a certain threshold. This program allows you to use tax software from participating companies to prepare and file your federal tax return for free. You can find more information and access the Free File software options on the IRS website (www.irs.gov). For California state taxes, the California Franchise Tax Board offers CalFile, a free online filing option for eligible taxpayers. You can visit the CalFile website (www.ftb.ca.gov) to determine if you qualify and to access the online filing system. Remember, it's important to consult with a tax professional or use official IRS and state resources to ensure you are meeting all your tax obligations accurately.

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Jonah Dorsey

a year ago

Even if your income is below the threshold for owing federal income tax, you may still need to file a tax return to report your self-employment income and potentially pay self-employment tax. Self-employment tax covers Social Security and Medicare taxes for self-employed individuals.

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Sara Frye

a year ago

Simple answer. If you are registered as a business, then yes... File a business return. If you did this as a sole proprietor or as a side gig, just report the income on your personal taxes.

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Watson Andrews

a year ago

What country or state are you in? Was this your only income from any source?

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Tommy Carroll

a year ago

You are not required to file a federal return if you made less than the standard deduction amount of $13,850 for a single person under 65 years of age. Your state may have different requirements.

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Is your business a registered LLC?

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