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Business & farm
In most cases, you would not need to file a tax return if your total income (not including SSI) is less than $400.
You would first want to analyze if it actually is a business. If you are expecting your income to be that low, it leads to the thought that it MIGHT be a hobby (you can Google something like "IRS business vs hobby"). If it is a business, then if your business PROFIT (after expenses) is $433 (give or take $1, depending on rounding) or more, you will likely need to file a tax return to pay self employment tax.
If you need to file a tax return, you'll need to also analyze if your parents are eligible to claim you as a dependent, and if they are, make sure that is mentioned on your tax return.
3 weeks ago
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