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mordinir11-gmail

Level 2

Question

How much money does your business have to make in order to file taxes for your business?

Forum|Forum|4 years ago
June 10, 2022
13 replies
55 views

No text available

TurboTax Free Edition Online

Level 15

If you file Schedule C for self employment income you need to file a Net Profit of $400 or more. If you get any 1099NEC forms you have to file a return.

Or do you need to file a separate business return like a 1120 or 1065?

mordinir11-gmailAuthor

Level 2

If there was no net profits, as the buisness lost money in its first year, I would need to file?

Level 15

Yes you should still file especially if you have other income. You can show a loss on your tax return and it will be deducted from your other income giving you less taxable income.