1. You must file return if your self-employment income is $400 or more.
2. For your self employment income, you can deduct your expenses for earning the income. For this with your tax return, you file schedule C (Form 1040).
3. Your self-employed income is subject to employment tax at 15.3%. For this, with your Form 1040, you attach Form 1040 Schedule SE.
2007-10-20 21:12:55
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answer #1
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answered by MukatA 6
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You will file a schedule C and subtract out your expenses. A schedule SE for self employment taxes on the profit (social security and medicare). This will go over to the first page of the 1040. There is a deduction off your income for half of the SE taxes. If this is your only income there are no federal taxes on it. If you have another job or are married and your husband works this is added to those incomes.
2016-05-23 23:11:11
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answer #2
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answered by dona 3
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Yes. If you have an independent cleaning service you will report your profit on Form 1040 Schedule C or C-EZ and pay any income tax and self-employment (social security) tax on that.
2007-10-20 16:16:06
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answer #3
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answered by Anonymous
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I'm assuming you work on your own for your clients and are not an employee of a cleaning company.
You not only can, but if your income is over $399 for the year, you are required to.
Justthefacts above has his "facts" totally messed up and is incorrect with his answer.
2007-10-20 17:07:13
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answer #4
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answered by Judy 7
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You can file taxes anytime you want, even if you make zero dollars.
You are required to pay taxes anytime you make over $5.
If your taxable income is $5-$15 dollars, then you owe the government $1, otherwise you are breaking the law.
Now your taxable income is not the same as your GROSS income, so you have to go through the IRS worksheets to determine what your taxable income is....
2007-10-20 16:25:51
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answer #5
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answered by justhefacts 3
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answer is in the IRS website: www.irs.gov
or call 1-800-829-1040
2007-10-21 14:35:26
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answer #6
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answered by Ms. Angel.. 7
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