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|
|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.