- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No. In general, you must claim the income the year you earn it (if you are accrual basis) or when you receive it (cash basis).
You have the obligation to file a return if your net income (your total income minus your qualified business expenses) are $400 or more.
My advice is to make sure you are accounting for all your expenses. Typically, the first year of a business (as self-employed) won't be generating as much income and you will have some expenses you had to incur to get the business going. Look here for some tax deductions you may be entitled to: https://turbotax.intuit.com/tax-tips/self-employment-taxes/top-tax-write-offs-for-the-self-employed/...
Also, more about self-employment here: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center#:....
**Mark the post that answers your question by clicking on "Mark as Best Answer"