what is the cutoff for making money that you have to file taxes?
- curtisports2Lv 74 weeks ago
If you are single, when your taxable income exceeds the amount of your standard deduction, $12,400 for 2019, you begin to owe federal tax.
Not all states follow federal rules and you could start owing state tax on the first dollar you earn.
If you are self-employed, the same rules apply to income tax, but you begin to owe the self-employment tax when your business profit hits $400. You can owe self-employment tax and not owe any income tax.
- Anonymous1 month ago
Its some small amount. $6000 or $12,000 or something like that. Unless you are self employed in which case its far less. $400 or $600 or something. April 15th is the deadline for the prior year unless you file for an extension.
- MarkLv 71 month ago
If you mean the cutoff date, then Dec 31 of any given year. If you mean the MONETARY cutoff $6000 + whatever you personal exemption is (it changes year to year, but currently, I think it's fairly high).
Also, if you are due a refund, you don't even have to fill one out (but I would, just to make sure) - but if you OWE extra money, you have to file one.
- Wayne ZLv 71 month ago
If you are self employed, you have to file if you make over $400 for the year.
If you are single and an employee, you have to file if you make over $12,200 for the year.
However, if you are an employee and make under this amount, you still me want to file if you had taxes withheld.
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- dewcoonsLv 71 month ago
December 31. The personal income taxes you file this year will cover from Jan 1 to Dec 31 2019.
- DavidLv 61 month ago
You don't have to make money at all to have to file taxes. If you have zero income for the tax year, you have to file taxes. If you LOSE money during a tax year, you have to file taxes.
You have to file every year, whether you owe or not. Whether you make money or not. If you have a SSN or ITIN, then you need to file out a federal tax form every tax year. You probably have to fill out a state tax form as well. Every year.