Do I have to file a tax return if I make less than $10,000 a year?
by JenniferSparkle, Window Shopper
- Created: November 17, 2013, 11:10 pm
I just read this online: "The Affordable Care Act provides exemptions for some self-employed persons. For example, if a person makes less than $10,000 per year, they are not required to file a tax return, so they do not have to purchase health insurance." Disregard the health insurance part of what I just posted if you will. I am more confused about the other part of the statement. I thought that if you made $400.00 or more, you are required to file a tax return. $400 and $10,000 are quite a big difference in income. I'm in the first year of my new small business and it looks like I will only earn about $4000 after expenses this year, which isn't even enough to be able to pay my bills without borrowing to keep my business afloat. Between the quarterly taxes, and the sales tax payments, I am making less to nothing. I must be figuring something wrong here. Because it doesn't make sense to have to give away most of my profits, just to have to go to the government for assistance or aid to help me pay my bills. I must be missing something. Any advice or direction is much appreciated.
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