sorry, i should've mentioned that earlier, but someone told me i could'nt do it.
2007-01-28 15:24:51 · 6 answers · asked by babybluloc29 1 in Business & Finance ➔ Taxes ➔ United States
Of course you can, and if you are self employed you probably need to PAY taxes because you are asking this question. If you made over $5-6000 you owe tax.
2007-01-28 15:35:06 · answer #1 · answered by justbeingher 7 · 0⤊ 0⤋
You must file a tax return if your net income from self-employment is $400 or more.
You will figure your income and expenses on Schedule C.
You may qualify for the Earned Income Credit if the self-employment income is under the limits for this credit. It is not automatically true that you will have to pay tax out of pocket. You may get a refund even when you have not paid any tax.
2007-01-29 07:06:46 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
You must file a return. Business income or loss is to be reported on Schedule C, or Schedule C-EZ. If your business expenses were under $5,000, you had no inventory, didn't have a net loss, had no employees, don't deduct part of your home for business, and only had one business, then use Schedule C-EZ. If you don't meet these qualifications you will have to us Schedule C and you should hire an accountant. If you earned more than $400 you will also have to do a Schedule SE for Self-Employment Tax.
2007-01-29 08:07:43 · answer #3 · answered by anr 3 · 0⤊ 0⤋
your self employed learn to love all the taxes and yes file
2007-01-28 23:28:52 · answer #4 · answered by marynew8 3 · 0⤊ 0⤋
Not only should you, but legally you MUST file taxes!
2007-01-28 23:27:57 · answer #5 · answered by brimel02 2 · 0⤊ 0⤋
Most certainly! Talk to your accountant!
2007-01-28 23:28:51 · answer #6 · answered by What, what, what?? 6 · 0⤊ 0⤋