Minimum amount a self-employed person must make to file taxes?

Question

I'm selling cat trees at a local farmers market to raise funds for a move to Europe in September. Is there a minimum amount you can make without having to pay tax? I'm not planning on making more than about 2-3 thousand. I just don't want to have to do all the filing!

Thanks!

Answer 1

If you are self employed  you are required to file a return if you make over $400.  You might not make enough to owe any income tax, but will owe self employment tax (social security and medicare).

Answer 2

You can have a filing requirement with as little as $400 in net earnings.

$3000 would be  $424 in SE tax alone.

Answer 3

I think any income you have to claim. You could prolly get away with not because its a small amount, but You would never want to be audited. Ask a tax place.

Answer 4

$400 you must file. Paying taxes is a different story. Take all the money you earned, subtract your expenses(keep very good track), then balance is taxable income. To pay taxes your taxable income must be greater than your standard deduction plus your exemption.