Standard deduction benefit on self-employed business

[noviceattax]

I am a small business of managing rental properties. I work on it on my own. My total annual income is less than $1500 for 2024 and it is solely from the business. How do I report this income so that I can get maximum tax benefits? Do I report wage to me by business and then my personal income as wage and take standard deduction on that?
Or something else?

How do I put all this on TurboTax?

[Mike9241]

if it is a single-member LLC or sole proprietorship, you complete schedule C for your 1040 to report the business income and expenses.  You do not take a salary.

if your net self-employment income is over $400 you'll owe self-employment taxes of about 15% of the net. There is no way to avoid this. Since this is your only income you will owe no income taxes to the IRS but if you have a state income tax you may owe them.

considering your income is only 1500,  does someone else provide your support. Turbotax will ask whether someone can claim you as a dependent regardless of whether they actually do. if you do not correctly answer this question this can cause issues with yours or theirs efiling.