How much do I need to earn at a company to add it to my taxes?

Options
Aaron10234
Aaron10234 Member Newcomer
edited October 2023 in Filing my taxes

Tagged:

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team
    Options

    Hi Aaron,

    The IRS says if you even earn $1 of business income, it must be reported on a Schedule C, which is part of your personal income tax return, Form 1040. However, you don't have to start paying Self-employment taxes on your Net Business Income until that threshold is $400 or more.

    For more details see the IRS webpage on Self-Employment Tax