Do you have to file a Form 1040 if you're selfemployed?

The Form 1040 filing threshold for selfemployed taxpayers is far less for employees. The general rule in the Form 1040 filing instructions provides that a taxpayer should file a tax return if their gross income exceeds the standard deduction for their filing status. There are, however, exceptions for selfemployed persons.

Selfemployed taxpayers should file a tax return if their net selfemployment earnings exceed $400 for the year. Taxpayers are also encouraged to file because they may be eligible for an Earned Income Tax Credit.

In this video, I cover some of the basic rules for selfemployed filers, as well as EIC calculations.

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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