Sorry wrong question. What is the minimum amount of money a person can make without reporting it the IRS?

Answer 1

bostonia has it. good answer...and it is always more profitable to incorporate the word 'hooey' into an answer.

Answer 2

Wow! What a load of hoohey! Hey, bookkeeper, are you saying you've only been a bk for an hour? Your advice certainly sounds like it! OK, so much for the dumb answers, now for a correct one:

There is no minimum, but there darn sure are some MAXIMUM amounts of money you can earn without having to file. Unfortunately it's not a simple answer as it depends upon a number of things. Your age, filing status, dependency status, and the source of the income all come in to play.

Basically you must file a return if your income exceeds the filing requirement amount for your filing status. For example a Single taxpayer, under age 66 who is not the dependent of another taxpayer must file if they have $8,750 or more in wages from employment in 2007. However if your income is from self-employment, the number drops drastically, to only $400. You also need to file if you have over $850 in unearned income, though in most cases you won't have to pay anything until you exceed the $8,750 noted above.

Get a copy of IRS Pub 501 from their website for a full discussion on filing requirements for various situations. It's far more information than I care to type here this evening!

Answer 3

in case you bought the present from a distant places man or woman or distant places believe, the recipient fills out the present variety 3520. in case you bought a present day from a US man or woman, you in trouble-free terms checklist the earnings it generated. (money is the least confusing. Non-money products like inventory are greater no longer undemanding, see IRS ebook 551.) in case you supply money, you're able to investigate the quantity of the present. money presents of $12k or much less in many cases don't get pronounced. Non-money presents that are "destiny pastime" would desire to be pronounced, in spite of volume. Non-presents, FINCEN and 1099-Misc kinds....

Answer 4

All I'm going to say is this: Re-read what Bostonianinmo says, and take heed. I could re-type it in my own words, as I usually do when I get to a question after he does, but I'm not going to bother this time. He's right on, and there's nothing I can add. Except to say that the 1 hr bookkeeper is about as wrong as any answer I've seen in the US tax category, so please, please don't take that advice!
Edit: Looked at 1 hr bookkeeper's profile, and am literally scared for the people who entrust her to do their books. Hope she's getting some tax update information sometime soon.

Answer 5

From self-employment, you can make $399 for the year total without having to report it if that's your only income.

From a job as an employee, the limit depends on your filing status. If you are a dependent, and file as single, the limit is $5350. For most other situations, it's higher.

Answer 6

Listen to Bostonia and not the people that posted before him if you want to stay out of trouble with the IRS. They don't know what they are talking about.

Answer 7

The IRS does not expect you to report income if it is less then $600 from one company/person. However, if you make and report about $7,000, you do not have to pay taxes. And, if you make below $18,000 as an "independent consultant" or "business owner" and take away "business deductions" like mileage, rent, cell phone, etc, you can not only NOT pay taxes, but you can get a rebate from the government for being low income. If you have children, that rebate can be as much as $4,000 depending on the year.

Hope this helps.

Answer 8

That's only like 600 dollars. Not much.