https://ttlc.intuit.com/questions/1901530-how-does-the-itemized-deduction-differ-from-the-standard-d...
Explain Standard Deduction—What is it?
https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370
The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).
If you worked as an independent contractor then you have to file a tax return if you made even $400. You will have to pay self-employment tax for Social Security and Medicare, since no employer was withholding any of that from your earnings. And you would prepare a Schedule C for business expenses like supplies, mileage, etc. This is not the same a the Schedule A that would be prepared for itemized deductions like mortgage interest or property taxes, etc.
" Also, if your tax bill is zero, will business expenses (supplies, rent, utilities) yield you a tax refund?"
No. Having business expenses does not entitle you to a refund if your tax bill is zero.
" I've heard if you make under a certain amount as a business owner, you should receive a refund. Is this accurate?"
Maybe what you heard was that sometimes independent contractors get earned income credit, which is a refundable credit that either people who are self employed or who are W-2 employees can receive. If you are a college student you are most likely a dependent on someone else's tax return---which would make you ineligible to get earned income credit.
https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...
https://ttlc.intuit.com/community/dependents/help/when-do-i-have-to-answer-yes-to-being-claimed-as-a...
So....have you done some work as an independent contractor? Examples would be driving for uber or Lyft, instacart, Doordash, or many other such things.
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
