Have you ever wondered what the minimum amount of money you need to earn in order to file income taxes this year?
$4000? 8000? $15000?
Here’s a chart for Federal filing requirements:
| Filing Status | Age at December 31, 2017 | Gross Income |
| Single | Under 65 | $10,400 |
| 65 or older | $11,950 | |
| Married Filing Jointly | Under 65 (both) | $20,800 |
| 65 or older (both) | $23,300 | |
| Married Filing Separately | $4,050 | |
| Head of Household | Under 65 | $13,400 |
| 65 or older | $14,950 | |
| Qualifying Widow(er) | Under 65 | $16,750 |
| 65 or older | $18,000 |
Now before you ask I know what you’re wondering. You’re wondering if this means if you’re a freelancer and single does that mean you don’t have to file if you make below $10,400 and the answer is no.
As a freelancer the minimum amount of money you have to make to file a tax return is $400. Yes you read correctly, $400.
This is not true for freelancers and who are paid on W-2’s; however, it’s true for freelancers that get paid for the whole amount they earn and do not have any taxes withheld, and have or should have their income declared on a 1099.
What are your thoughts on freelance taxes? Leave your comments below.