Question
Hello, do I file a Schedule C tax return for my home business in which I work for a multi-level marketing company and only earned $128 last year?
Apparently, there's disagreement from the internet on if I must file or not. One search stated, "See Pub. 334, Tax Guide for Small Business (For Individuals Who Use Schedule C) for more information. You have to file an income tax return if your net earnings from self-employment were $400 or more."
Another search said, "There is no minimum income to file the Schedule C. All income and expenses must be reported on the Schedule C, regardless of how little you earned. If you meet certain criteria — detailed below — you may be able to file the Schedule C EZ instead. There is a minimum threshold of $400 for paying self-employment tax."
Do I file a schedule C? Or not file the $128 that I earned?
Another search said, "There is no minimum income to file the Schedule C. All income and expenses must be reported on the Schedule C, regardless of how little you earned. If you meet certain criteria — detailed below — you may be able to file the Schedule C EZ instead. There is a minimum threshold of $400 for paying self-employment tax."
Do I file a schedule C? Or not file the $128 that I earned?
