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| *The Commerce Journal>>>Other Taxes |
I was thinking of cleaning some houses for extra money, but how much can I make before having to file it? |
I really would like to know a dollar amount for North Carolina. $400 net profit or more as it is self-employment and subject to Social Security Tax. If it is your only income, as soon as you make $400, you must file a return. If it is secondary income, technically you must report any addtional income (even $1). $399 is the limit where you'd have to claim it for federal taxes if you aren't otherwise required to file a return, and that's the same in all states. If you already have other income and are filing a return, then you'd need to claim it and pay tax on it from the first dollar. If it's your only income, you must file if you exceed $400 in any year. If it's just an adjunct to other taxable income you already have then you must claim all of it from the first $. Don't worry to much about the taxes. Because this kind of business is a killer business. Go for it. Do it. Work for yourself be your own boss. It's like 35.00 to go to City Hall get your license. Good Luck!! |
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