1359290
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I bearly started my online business this year and I wanted to know how much money I need to make to start filing taxes? when do I need to start filing my taxes? And How?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
LeonardS
Expert Alumni

I bearly started my online business this year and I wanted to know how much money I need to make to start filing taxes? when do I need to start filing my taxes? And How?

The IRS requires that all income be reported.  You will report your income and expenses on Schedule C Profit or Loss from Business.  You will report your income in the year in which you earned it.  If you started your business in 2019 and have income from the business you will have to report that income on your 2019 tax return.  TurboTax Premier will allow you to prepare Schedule C to include your income and expenses.  To enter your business income and expenses with TurboTax open enter "Schedule C" in the search box click on Jump to Schedule C in the results window.  Then follow the prompts to enter your information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I bearly started my online business this year and I wanted to know how much money I need to make to start filing taxes? when do I need to start filing my taxes? And How?

self-employed persons:

you must file Form 1040 and Schedule SE (Form 1040), Self-Employment Tax, if:
1.  Your net earnings from self-employment (excluding church employee income) were $400 or more, or
2.  You had church employee income of $108.28 or more. (See Table 1-3. in IRS Pub 17)

 

If you don't meet conditions 1 or 2, you don't have to file.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question