topic filing taxes in Self employed

filing taxes

zenaone — Wed, 27 Oct 2021 16:02:22 GMT

I work 6 months/year and file as self employed. Last year, I made only 10,000 dollars. My other income is social security at 20,000. I have no deductions. Do I need to file?

Re: filing taxes

Critter-3 — Wed, 27 Oct 2021 16:05:42 GMT

Yes you MUST file if you have $400 or more of SE income.

Re: filing taxes

gkacpa — Wed, 27 Oct 2021 16:07:32 GMT

Hello @zenaone thank you for this question, great one!

Generally, you would not have a filing requirement for income tax purposes if your total income is below the standard deduction amount. However, since you are self-employed, your net income from self-employment activities are subject to FICA taxes (Social Security, Medicare, etc.) which would require you to file a tax return. I would suggest filing a tax return to compute your FICA taxes, even though you may not be subject to income taxes.

The IRS has a wonderful tool for you to determine your filing requirement, you can check that out here.