Ok so I live in Indiana and I was wonderign how much do I have to make as a sole proprietor in order to calim taxes. Isn't their like a minimum I have to make in order to even pay taxes?
Thanks for any help you all can give!
2007-02-19 12:22:21 · 2 answers · asked by hdb8241981 3 in Business & Finance ➔ Taxes ➔ United States
you must file if u earn more than $400
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2007-02-23 09:29:51 · answer #1 · answered by ellen h 2 · 0⤊ 1⤋
Since you're self-employed, you must file if you have more than $400 in SE income. There won't be any income tax due until your net income from the business hits $8,450 if you're single but SE tax (15.3% of the net profit) kicks in at $400.00 in any tax year.
2007-02-19 12:29:10 · answer #2 · answered by Bostonian In MO 7 · 4⤊ 0⤋