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Tax information for 24 year old

Jamiah15 — Tue, 10 Mar 2026 05:18:04 GMT

Hello I wanted to know if I were to start a small business on Amazon will that be enough time for me to file taxes for 2022 if I started it in June or July? I also wanted to know what additional things I could do to get a higher refund? I own several properties in Florida but they aren’t being used at the moment. I also am in school paying out of pocket and I am under workman’s comp for a federal agency.

Re: Tax information for 24 year old

KochuK — Wed, 08 Jun 2022 16:34:03 GMT

Hi Jamiah15,

You can start self employment any time during 2022. Tax year 2022 tax return is to be prepared and filed in April 2023. If you start the Amazon small business now, you just report business activities from June (the start date) to 12/31/2022.

A higher refund could be many things - less tax liability, more payments, and or more credits. The most common credit is Earned Income Tax Credit.

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For the first time, the credit is now available to both younger workers and senior citizens. There is no upper age limit for claiming the credit if taxpayers have earned income.

The EITC is generally available to workers without qualifying children who are at least 19 years old with earned income below $21,430 for those filing single and $27,380 for spouses filing a joint return. The maximum credit for taxpayers with no qualifying children is $1,502. There are also special exceptions for people who are 18 years old and were formerly in foster care or are experiencing homelessness. Full-time students under age 24 don't qualify.

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https://www.irs.gov/newsroom/changes-to-the-earned-income-tax-credit-for-the-2022-filing-season

Congrats on owning properties in Florida. If you turn them into rental properties, you make some rental income, but the "taxable income" in general is small due to rental building depreciation expense.

If you are seeking a 4 year college degree, out of pocket expenses for tuition, supplies, books etc. should qualify you for American Opportunity Credit (can claim max 4 times). The Max credit is $2,500 per student each time claimed. For more details, please refer to IRS Pub 970 Tax Benefits for Education.

https://www.irs.gov/pub/irs-pdf/p970.pdf

Workers’ compensation benefits are not taxable and are not claimed on yearly tax statements. These are fully exempt from state and federal taxes, regardless if paid on a scheduled basis (like weekly or biweekly) or in a lump sum.

https://blog.turbotax.intuit.com/work/is-workers-comp-taxable-52104/

Hope the above helps.

Re: Tax information for 24 year old

OpeA1 — Wed, 08 Jun 2022 16:39:31 GMT

Hello @Jamiah15

Under IRS rules, any income made during the year must be files on your tax return. Therefore, if you start a business in July, and make money, a tax return must be filed in 2022.

Concerning the property: if you have any costs associated with the property during the year, you can include this in your return which should reduce you taxable income.

As a student you qualify for one of the education credits. Here is a link to the IRS website to see which credit you may qualify for :https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llc

Thank you!