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Business & farm
@Mark1193 - You must file a Schedule C for self employment if your net income is $400.00 or more.
You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 and 1040-SR instructions PDF.
Use this link for more information: Self Employed - IRS
However, if your expenses for your income is more than income, you may have a net loss that can reduce your other taxable income. Take a look at the Schedule C to determine the expenses that you incurred for the business. Use the link above for more information.
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March 1, 2022
4:25 PM