Do I Even Need To File Taxes In My Current Situation?

[coollikeg]

I have been on dialysis for over 20 years.

I have a business that is not making any money which I started in 2021.

I am  on Social Security and I am 66 years old. 

Last year I filed taxes and was supposed to get back $1400.00 for business startup expenses as estimated by Turbotax. 

The IRS said I am not owed anything, because I got $1400.00 dollars in Stimulus Payments. 

I am working an online gig to finance my business and I have made under $3000.00 dollars this year doing that. 

Do I need to be bothered with filing federal taxes at all?

[drc845443]

Hello there!

You are required to file a Federal tax return if your income is more than $12,950, but you may also want to consider your state income tax filing requirements. Some states have a very low threshold for filing a tax return.

The IRS has an interactive tool which you can use to determine whether you need to file based on your personal situation:

https://www.irs.gov/filing/individuals/who-should-file

Even if you are not required to file, you may want to file in order to accumulate and keep track of your business losses, in case you make profits in future years and may use your cumulative net operating losses to offset those future profits.