- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, you must file. Firstly, you must file a schedule C to report your income, deduct expenses, and pay self-employment tax on your net profit.
Then, whether you also owe income tax depends on how your spouse will file their return. If your spouse uses the standard deduction, then you can also use the standard deduction ($13,850) which means you won't pay income tax (even though you pay self-employment tax). However, if your spouse uses itemized deductions, then your standard deduction is zero. You might have itemized deductions (charity, mortgage interest, etc.), and if your net business profit is more than your itemized deductions, you will owe income tax on the difference.
March 11, 2024
1:10 PM