Deductions & credits

@Joshuagauthier333 

 

If you have only made $40 so far you have no need to worry about filing quarterly taxes.  You are, however, working as an independent contractor, and at tax time you will need to enter the amount you earned from that work on your 2020 tax return.  By the end of the year, you may have earned enough to be required to pay self-employment tax for Social Security and Medicare, since that is not withheld from your pay by an employer.

 

You will be able to use one of the free sites to file such as Free File, so it will not cost you anything to file your tax return unless you have so much other income from some other job that it exceeds the income limit to use the free software.  So save this information to use when it is time to prepare your 2020 return next year in 2021:

 

If you qualify to use it, there is another full-featured free version of the software:

Try Free File: 

You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

 

Or—-Use this IRS site for other ways to file for free

 

https://apps.irs.gov/app/freeFile/

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**