i'm filing for taxes this late in the year. i made some money on the side with my business, but i do not have a license. my income is small but i would like to know how much is the minimum and maximum, before i report to IRS. thanxs.
2007-08-10 09:59:58 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
You need to report the business income on your tax return whether it is a profit or a loss, and if your business income is over $400 net profit you will have to pay self-employment tax on the income. If you keep track properly of your income and expense, you should then have proper reporting of your income and proper tax effect. I have attached a link to self-employed persons.
2007-08-10 10:05:38 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you are filing a return anyway, you have to report ALL of your side income from the first dollar. If you were not otherwise required to file, then if you made $400 or over for the year, you have to file a return and report it.
There is no maximum - once you are over the minimum, you report all of it.
2007-08-10 10:40:01 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
IRS Taxpayer Assistance Division
1-800-829-1040
These folks can file your taxes for you for free. Just look them up in the phone book under US Government. But seeing as how late they are,you might have to pay a penalty. Check with them.
2007-08-10 10:06:21 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Technically, as everything should be rounded to the nearest dollar, you can make up to 49 cents and not have to worry about. Anything above that would require an entry on the your tax return.
2007-08-10 10:07:39 · answer #4 · answered by Wayne Z 7 · 0⤊ 2⤋