Cynthiad66
Expert Alumni

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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