Tax Question for Tom Copeland

[llove530]

Isn't there a certain amount of money you can earn and not have to report?

Thx!

[lvt77]

i believe it is $400.00

[kendallina]

i believe it is $400.00

That's what I thought too...

[TomCopeland]

Nope. You must report $1 as income on Schedule C. Any income must be reported. If your profit is less than $400 you don't owe any social security tax on it, but it must be reported.