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My wifes buisness made 3000.00 this year do i have to claim it?

 
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My wifes buisness made 3000.00 this year do i have to claim it?

Yes.  If a taxpayer's only income is self-employment, it must be reported if it is more than $400.  Self-employment tax is due even if the amount is below the threshold for income tax.

If you are filing jointly and either of you has any other income, then ALL income must be reported no matter how little.

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My wifes buisness made 3000.00 this year do i have to claim it?

Yes.  If a taxpayer's only income is self-employment, it must be reported if it is more than $400.  Self-employment tax is due even if the amount is below the threshold for income tax.

If you are filing jointly and either of you has any other income, then ALL income must be reported no matter how little.

Hal_Al
Level 15

My wifes buisness made 3000.00 this year do i have to claim it?

"Self-employment tax"  is how the self employed pay their social security and medicare tax
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