How Much Money Do You Have to Make to File Taxes For Self Employed?
When tax time comes around people are filled with all types of questions. The one question that keeps coming up is how much money do you have to make to file taxes. It never fells to be a top questions. If you are an employee or you are self employed the rules for filing taxes are different.
For a typical employee you have to file taxes when you earn $3400 or more in a given fiscal year. If you earn less that that you do not have to file taxes. You should file a tax return anyway because you can still get a tax return. No since letting the government money that you have coming to you, right?
If you are self employed on the other hand then you have to file taxes when your income is at least $400. That is minus your cost of expenses you accumulated over the year. Plus being self employed you are going to end up paying the full amount for taxes as employees will pay half and the employer pays the other half.
Now don’t get me wrong, it’s not quite that simple. See there are other factors involved when you answer the question of how much do you have to make to file taxes. There are 3 more factors like your age, filing status, and the type of income you receive.
If you are a minor who makes more than $5,350 then you have to file taxes. Make less and you will not have to. If you file as single you will pay more but if you file head of household then you will pay less. If you are 65 years of age and you collect social security then you don’t have to file. Believe me when I tell you that with all the tax laws out there I could go on and on for ever. But I think you get the general idea.
Regardless of if you need to file taxes or not you should file anyway. The government is not going let you know you could have a refund waiting for you. If you don’t then the government will just keep your money and make big interest off of it. You work are for your money so make sure you get back every dime you are owed.
So I hope the question of how much money do you have to make to file taxes was answered. Remember, the date to file by is April 15th. So start early and don’t put it off until the last minute and end up missing out on your refund.
Ellis Jackson jr is a website owner who is in the niche marketing business. He understands how hard it can be to start youown niche business. If you are self employed and think you are missing out on tax deductions then please visit: [http://www.allproman.com/tax-advice-for-self-employed/]Self Employed. If you would like to start you own business then check out our products at: http://www.allproman.com