I started a network marketing business in 2016 but I only made about $40. Do I need to file taxes for that business?

jessy350b — Thu, 06 Jun 2019 05:57:12 GMT

It depends. If you have expenses equal to or greater than...

PatriciaV — Thu, 06 Jun 2019 05:57:14 GMT

It depends. If you have expenses equal to or greater than the income you received, this activity may be considered a hobby and you are not required to report hobby income that results in a loss.

If you plan to pursue this activity for profit in the future, however, you will report all income and expenses on Schedule C. Business income is subject to self-employment taxes as well as income tax. Read more about this here: Reporting Self-Employment Business Income and Deductions

topic I started a network marketing business in 2016 but I only made about $40. Do I need to file taxes for that business? in Business & farm

I started a network marketing business in 2016 but I only made about $40. Do I need to file taxes for that business?

It depends. If you have expenses equal to or greater than...