Join #1 A.I. tax service for freelancers

Resources

⏳File 2023 taxes and minimize IRS late fees now!

Home › Tax Tips › Minimum Earnings For Tax Filing

How Much Do You Make File Taxes?

Paying taxes is the best part of living in a country – is something you’ll probably never hear anyone say. When starting your professional career, you’re new to the tax scene, and there’s a lot to learn. If you’ve just started earning wages or a salary, it might be time to get a handle on U.S. tax law and IRS regulations. If this is your first time thinking about taxes, you might have questions like: Do I have to file taxes? How much do I have to earn to file taxes? How much do I have to make to pay taxes? What is the minimum income to file taxes? Who needs to file a tax return? When do I start to file taxes? The IRS has many different requirements that decide if a person is eligible to pay taxes. Your credentials, like age, income bracket and previous tax filing status influence whether you are required to file a tax return.

Table of contents

Key takeaways:...Read more

How much do I have to make to file taxes?...Read more

Impact of standard deduction on the amount of taxes owed...Read more

How much do you have to make to pay taxes when self-employed?...Read more

Income threshold for dependents...Read more

Do I have to file taxes?...Read more

Who needs to file a tax return?...Read more

What is the minimum income to file taxes?...Read more

When can you start filing taxes 2024?...Read more

How much do I have to make to pay taxes?...Read more

How much do you have to make to file taxes for free?...Read more

Key takeaways:

The minimum income limit to file taxes is $13,850 for single filers under 65, $27,700 for joint filers under 65 and $30,700 for couples older than 65.
The minimum taxable income is $400 for self-employed individuals.
Filing tax returns can help you get tax credits like the EITC and the child tax credit.

How much do I have to make to file taxes?

If your income falls below the general gross income requirement threshold, you don’t need to file taxes. General gross income is your income before taxes and deductions. The minimum income to report taxes for single filers below 65 years of age is $13,850 and $15,700 for single filers older than 65. For married couples (filing jointly), the minimum earnings to file taxes is, if both spouses are below 65, $27,700 and $29,200 if one spouse is over 65. The minimum amount to file taxes for couples older than 65 is $30,700. If you are married and decide you are both e-filing income tax separately to take advantage of itemized deductions or tax credits, for example, the minimum income requirement is just $5. In rare cases, filing jointly might only lower your income to a certain level, which can be a smaller amount than if you file separately. For the head of household— a person with one or more dependents, the income required to file taxes is $19,400 if you are below 65 years and $21,150 if you are older than 65. For a qualifying widow or widower, it’s slightly more relaxed with the income limit to file taxes being $25,900 (<65) and $27,300 (>65). It’s important to note that these are just the income limits to file taxes, declaring your income. It doesn’t mean you’ll end up paying taxes. Make sure you have all your forms for tax filing ready by the deadline.

Image explaining the differences between filing and paying taxes. Filing means submitting tax information once a year, while paying means paying taxes owed four times a year for freelancers, self-employed individuals, companies, and corporations.

Impact of standard deduction on the amount of taxes owed

A standard deduction is a fixed amount that lowers your taxable income. Standard deductions vary for every filer, based on income bracket, age or physical disability like blindness. If you are older than 65 and blind, you can have a slightly larger amount as a standard deduction. Most people can take the standard deduction when filing taxes. It’s a set amount the IRS allows you to subtract from your income. You don’t need to do anything to claim it—it’s automatic. The amount you get depends on your age and filing status, and the IRS updates it every year, usually raising it to adjust for inflation. The deductions you take reduce the part of your income that can be taxed. So, if your income is less than the standard deduction and you don’t have other income, you probably won’t need to file a tax return.

Infographic entitled 2024 Standard Deduction showing the deduction limits that is relevant to the minimum amount to file taxes.

How much do you have to make to pay taxes when self-employed?

Taxation is an entirely different story for self-employed individuals, freelancers, independent contractors and 1099 workers. If you are a self-employed individual, you must pay 1099 tax if your minimum taxable income is more than $400 a year from your clients. Even if you are a W-2 employee, while also working part-time as a freelancer, you need to file an income tax return if your minimum income exceeds $400. You’ll have to fill up some forms for tax filing Schedule SE on your regular 1040 tax return form to report this income. If you're self-employed, you’ll have to pay quarterly estimated taxes, which include income tax and self-employment taxes. You can use a quarterly tax calculator to find the exact amount. If you expect to owe $1,000, for example, in tax at the end of the year, you’ll have to pay estimated taxes of $250 to avoid penalties later. If you overpay on your taxes, the IRS will send you the refund amount once you file your annual return. It’s important to note that while self-employed individuals pay self-employment taxes quarterly, they are only e-filing income tax returns. For the 2024 tax year, the deadline is April 15, 2025.

Flyfin image with text about important payment deadlines for self-employed taxes in April, June, September, and January of the following year. Relevant for freelancers and those with 1099 income.

If you use FlyFin, you can just link your expenses and AI will find all the expenses you can write off as tax deductions. Expert CPAs are also available on the app to prepare and file your forms for tax filing for you. They also offer unlimited tax support and can answer questions like do I have to file taxes, how much do you have to earn to file taxes, how much do you have to make to pay taxes, what is the minimum income to file taxes, when do I start filing taxes.

Income threshold for dependents

According to the IRS, dependent(s) can be your child(ren) or relative(s). Dependents can’t be spouses, but can be your child, stepchild, brother, sister or parents.

Do I have to file taxes?

You might think that since you don’t fall into an IRS category, you’re free from paying taxes. But, there are several reasons why you should file a tax return. Filing taxes if you cross the minimum earnings threshold is essential if you want to receive tax credits, such as the earned income credit, child tax credit or dependent tax credit. Filing a tax return every year also puts you in better standing when it comes to applying for loans and banks need to confirm your financial standing. If you’ve just started working as a babysitter, and you barely meet the income limit to file taxes, you should still consider e-filing income taxes because it will give you an understanding of how the IRS works. You can also practice filling out the form if you think you are going to file in the next tax year.

Who needs to file a tax return?

If you're wondering whether you need to file a tax return, it mainly depends on how much money you made during the year. The minimum income to report when e-filing income taxes varies based on your age, filing status and the type of income you earned. For example, if you're single and under 65, you generally need to file if your income was at least $13,850 in 2023. For married couples filing jointly, the threshold is higher. But even if your income was below the limit, you may still want to file a return to claim credits or a refund. It’s also important to note that if you have other types of income, like self-employment or investment earnings, the income required to file taxes might be lower. If you had taxes withheld from your paycheck and want that money back, filing a return by the tax filing deadline 2024 is the only way to get it. If you’re asking “When can you start filing taxes 2024?”, the answer is the end of January.

What is the minimum income to file taxes?

The minimum income to report taxes depends on your filing status and age. In 2023, if you're single and under 65, you need to file if your income was at least $13,850. For married couples filing jointly, the income limit to file taxes rises to $27,700. If you're self-employed, the rules are different. You must file a return if you made $400 or more, regardless of your overall income. The key is to check the income thresholds for your specific situation. While you might not be required to file, you could still want to do so if you’re owed a refund or can claim certain credits like the Earned Income Tax Credit (EITC).

When can you start filing taxes 2024?

Tax season officially begins at the end of January. That’s when the IRS begins accepting returns. If you want to file taxes early, you’ll need to get all your forms for tax filing ready ahead of time.

How much do I have to make to pay taxes?

The amount you need to earn before paying taxes depends on your filing status and age. For example, in 2023, the income tax return minimum income for a single person under 65 is $13,850. This means if you made less than that, you might not be required to file. However, if you’re self-employed, the minimum amount to file taxes is much lower—just $400. Even if your income was below these thresholds, you might want to file a return if you had taxes withheld from your paycheck and want to get a refund. Filing is also a good idea if you’re eligible for tax credits. When is tax filing due? April 15th.

How much do you have to make to file taxes for free?

When it comes to how much you have to make to file taxes, the answer depends on your age, filing status, and type of income. For example, in 2023, if you're single and under 65, you need to file if your gross income was at least $13,850. If you’re married and filing jointly, the threshold is $27,700. But even if your income was below these thresholds, you might still want to file if taxes were withheld from your paycheck. This is especially important because filing could help you get a refund. And when is tax filing due? April 15th. If you're looking to file taxes for free, many online tax filing platforms offer free services if your income is below a certain level, usually around $73,000 for the IRS Free File program. So, depending on the minimum amount to file taxes and your total earnings, you might qualify to file taxes for free. If your income is under these limits and you have a straightforward tax situation, it’s worth taking advantage of these free options to save money and ensure you’re getting any refunds or credits you’re entitled to. Just do it by the tax filing deadline 2024.

Adjust For Inflations

The IRS has released its yearly inflation adjustment for the 2024 tax year, aimed to give US taxpayers relief from rising inflation.