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Get your taxes done using TurboTax
It depends. If expenses reduces the self employment income to less than $400 you will not be required to file. When income of $400 net earnings or more is received as an independent business owner a return must be filed, If you had any expenses then you can use them to offset the income. If your expenses bring the net income below $400 then self employment tax would not be required. Based on your total income there is no personal income tax.
You also must file a federal return if: Filing Requirements
- You had $400 or more in self-employment net earnings (gross income minus expenses)
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‎April 14, 2024
6:00 AM