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Of course you must file returns.
You will also most likely get forms called a 1099 from some of those who paid you or you brought from, which essentially show your in business.
You are required to make estimated payments every 3 months during the year, where you pay the taxes estimated to be due on your projected annual earnings (instead of having an employer do it through payroll withholding).
What else can I help you with?
What is chargeable income?
Chargeable income is the income from a self-employed person
Do you qualify for eic when self employed?
Any earned income, including net earnings from self-employment, may qualify you for the Earned Income Credit. But you still have to meet the income limits and other requirements.
If one is self employed and had no income in 2007 can they still get the 2008 tax refund?
To receive the economic stimulus payment, you must have at least $3,000 of gross income for 2007.
Is investment income considered self-employment?
No investment income is not self-employed income unless you are in the business of investing or advising others on investing.
If self employed last year and had no sales or tax withheld ie inactive do you still have to file a Schedule C with your Federal tax return and for tax purposes are you still considered self employed?
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
What is chargeable income?
Chargeable income is the income from a self-employed person
Your gross was less than 8750 but you are self-employed Do you still have to file?
$400 or more of self-employment income requires filing.
Do you qualify for eic when self employed?
Any earned income, including net earnings from self-employment, may qualify you for the Earned Income Credit. But you still have to meet the income limits and other requirements.
Can self employed people get advanced earned income credit?
Yes all self employed people can.
Is investment income considered self-employment?
No investment income is not self-employed income unless you are in the business of investing or advising others on investing.
If one is self employed and had no income in 2007 can they still get the 2008 tax refund?
To receive the economic stimulus payment, you must have at least $3,000 of gross income for 2007.
What are the tax implications for self-employed individuals?
Self-employed individuals are responsible for paying self-employment taxes, which include Social Security and Medicare taxes. They must also pay income taxes on their profits. Self-employed individuals can deduct business expenses from their taxable income, potentially lowering their overall tax liability. It is important for self-employed individuals to keep thorough records of their income and expenses for tax purposes.
If you are self-employed, do you still have to pay taxes?
According to IRS any net income from any source is taxable which also includes if you are self employed. Please check your taxable income by visiting any of the IRS web sites or a web site like www.cpasitesolutions.com/content/calcs/TaxSelfEmployment.html
What are the self-employed deductions available for individuals with income exceeding a certain threshold?
Self-employed individuals with income exceeding a certain threshold may be eligible for deductions such as business expenses, retirement contributions, health insurance premiums, and self-employment taxes. These deductions can help reduce taxable income and lower the overall tax burden for self-employed individuals.
If self employed last year and had no sales or tax withheld ie inactive do you still have to file a Schedule C with your Federal tax return and for tax purposes are you still considered self employed?
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
How does section 8 self employed income affect eligibility for housing assistance?
Section 8 housing assistance considers self-employed income when determining eligibility. The amount of income earned through self-employment can impact the level of assistance a person may receive.
How much should a self-employed individual withhold for taxes?
A self-employed individual should typically withhold around 25-30 of their income for taxes to cover federal income tax, self-employment tax, and state taxes.
