I want to start a small business making baby crafts (Blankets, bibs, burp cloths etc..).
2007-08-09 13:56:35 · 5 answers · asked by Walking_Food_Source 2 in Business & Finance ➔ Small Business
Technically you have to report all money you make even if you do not owe taxes....
2007-08-09 14:00:08 · answer #1 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 1⤋
If you are self employed and income from self employment is over $400.00 then most likely yes, see link below.
If not self employed, then the income limit for 2006, single, under age 65 was $8,450.00, subject to many other issue, see link below.
The IRS has a cool link to address many other questions about this specific issue.
2007-08-09 21:04:19 · answer #2 · answered by GreenMachine383 1 · 0⤊ 0⤋
From self-employment, the limit is $400 per year unless you are already filing a tax return (individual or joint), then you have to report any income
2007-08-09 21:21:17 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
under the table everything is tax free just don't declare
2007-08-09 21:00:00 · answer #4 · answered by Anonymous · 0⤊ 1⤋
below 5,000 dollars per year
2007-08-09 21:09:02 · answer #5 · answered by JEFF J 2 · 0⤊ 1⤋