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Get your taxes done using TurboTax
Hello there!
You are required to file a Federal tax return if your income is more than $12,950, but you may also want to consider your state income tax filing requirements. Some states have a very low threshold for filing a tax return.
The IRS has an interactive tool which you can use to determine whether you need to file based on your personal situation:
https://www.irs.gov/filing/individuals/who-should-file
Even if you are not required to file, you may want to file in order to accumulate and keep track of your business losses, in case you make profits in future years and may use your cumulative net operating losses to offset those future profits.
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‎November 16, 2022
2:22 PM