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What is the standard deduction for a single dependent who is also self-employed?
I'm 21 years old, a full-time college student, and can be claimed as a dependent on my parent's tax forms (I live in Arizona, btw). Last year, I made around $5,400 total, working as a driver for both DoorDash and Postmates. However, I am unfamiliar with how to pay taxes and my parents keep telling me that I don't have to worry about it, but I beg to differ. I also talked to a tax expert earlier today and said that being a dependent can hurt my standard deduction. I am already aware of what forms to use to report my earnings and what my expenses are, but I just want to know, would my standard deduction be like $1,100.00, or would it be my earned income + $350 (as long as it does not exceed $12,200.00)??? I'm just so confused....
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‎February 27, 2020
2:53 PM