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my business brought in less than $1000 does that matter when filing taxes

 
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2 Replies

my business brought in less than $1000 does that matter when filing taxes

Yes you have to report it.  That is self employment income on schedule C.  You have to report $400 or more.  

You can enter Schedule C for Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs. You can buy the Desktop Download program here,
https://turbotax.intuit.com/personal-taxes/cd-download


How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...


Where to enter business expenses
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-busine...

 

 

 

SharonD007
Expert Alumni

my business brought in less than $1000 does that matter when filing taxes

No, it doesn't matter how much money your business received, you still have to report it unless it's non-taxable income.

 

Refer to the IRS website What is taxable and nontaxable income?

 

Refer to the TurboTax article Taxable Income vs. Nontaxable Income: What You Should Know for additional information.

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