I have started a new business and I know there is a certain amount you have to make before you are required to report it. I need to know what that amount is and how?where you found the answer. Thanks.
2007-02-17 10:06:54 · 3 answers · asked by Deb 3 in Business & Finance ➔ Taxes ➔ United States
For self-employment income, you must report it if it exceeds $400.00 in the tax year. If your total tax liability will exceed $1,000.00, you must make quarterly estimated tax payments using Form 1040ES or arrange to have the additional taxes withheld by your employer if you also have a job subject to withholding.
2007-02-17 10:15:32 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
My colleagues and i started a consulting firm in October and we didn't make any money still the year ran out. We had very very small expenses though. We had to file regardless if you make money or not. Bad news, the money we used for filing was more than the expenses we had that year. Because of the state we are in we had to file. And plus that stuff helps you if someone has for the 2006 tax report returns for your business. No matter how much you make no matter how low, you have to file.
2007-02-17 18:15:24 · answer #2 · answered by progress 2 · 0⤊ 1⤋
Usually $600
2007-02-17 18:12:11 · answer #3 · answered by Anonymous · 0⤊ 1⤋