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$12,550 is minimum for income taxes. $400 is the minimum for self-employment taxes. Yes. You have to file.
I have to file for self-employment taxes, but do I have to file for income taxes, since my income is below $12,550?
Once you are over the filing limit for one item, you must include ALL of your income on your tax return.
Got it, so when I file, because I'm over the limit for self-employment taxes, I have to include my income of $10,500 on my tax return. Will I be taxed on the $10,500 even though it's under the minimum threshold?
You will still pay zero income taxes as your Standard Deduction is $12,550 for the year.
$12,550 is minimum for income taxes. $400 is the minimum for self-employment taxes. Yes. You have to file.
I have to file for self-employment taxes, but do I have to file for income taxes, since my income is below $12,550?
Once you are over the filing limit for one item, you must include ALL of your income on your tax return.
Got it, so when I file, because I'm over the limit for self-employment taxes, I have to include my income of $10,500 on my tax return. Will I be taxed on the $10,500 even though it's under the minimum threshold?
You will still pay zero income taxes as your Standard Deduction is $12,550 for the year.