*The Commerce Journal>>>Canada Taxes

I only made a total of $4,241 self employed..do I still have to file taxes?

I was looking through instructions on filling out a 1040. I'm looking through the charts and it says

"You must file a return if any of the following apply.
鈥?Your unearned income was over $850.
鈥?Your earned income was over $5,350.
鈥?Your gross income was more than the larger of鈥?br> 鈥?$850, or
鈥?Your earned income (up to $5,050) plus $300."

I was self employed in 2007 and only made $4,241 do I still have to file taxes?

Thank you!

Is this a Canadian tax question or did you put it in the wrong section?

If this is in Canada then no you do not have to file. The only time you are required to file income tax is if you owe taxes or if CRA specifically requests that you file.

Since your income was less than your personal exemption amount you do not owe any income tax so do not have to file.

You should still file though since you might be eligible for various credits based on where you live and your personal circumstances. You'll also probably qualify for a GST rebate if you filed.

You probably better off filing to get GST credit.

A rarity, a question filed in the wrong section, rather than the answers.

You need to file this in US taxes.

you need to file if your earnings from self employment exceed $400, cuz you will have to pay Self Employment tax on your earnings. While you will have no income tax liability, you will have a liability from SE tax.

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