photography Do 16 year-olds have to pay taxes?

[LasleyMediaKentucky]

Okay, so I own a photography business in my hometown, and I am making somewhere in the neighborhood of $200-300 a month doing some small photography jobs and the occasional video job.

 

In the state of Kentucky, am I required to pay taxes on that $200-300 monthly income?

 

Thanks,

 

Cameron

[Sharif]

Not being an official business I doubt 

[GreezyJeezy]

If it's a lemonade stand type thing like people just pay in cash for pics you don't. If it a real thing like you have permits for it and all that legal stuff then yes

[ThomasD]

You will have to file both state and Federal tax returns on any earned income.  Whether you actually have to pay anything depends on multiple factors.

 

http://revenue.ky.gov/individual/incometax.htm

[LasleyMediaKentucky]

@ThomasD That's like a 9 year old having to file a tax return because she set up a lemonade stand on a Saturday, right?

[d3sl91]

1 hour ago, LasleyMediaKentucky said:

@ThomasD That's like a 9 year old having to file a tax return because she set up a lemonade stand on a Saturday, right?

No, because it's all based on how much you make. 

 

If you look at ThomasD's link, there is a link to "Do I need to file a return". This document clarifies how much you need to make before you need to claim it. If your income is over 11,600 - you need to file a return, if I am reading correctly. 

 

Also, depending on how much you make and/or other variables, you may need to have a business licence to operate. 

 

Of course, you should probably talk to a tax advisor, as none of use are tax professionals. 

[ThomasD]

2 hours ago, LasleyMediaKentucky said:

@ThomasD That's like a 9 year old having to file a tax return because she set up a lemonade stand on a Saturday, right?

If her stand generates $200-300 a month in revenue then, yes it is pretty much the same.  Otherwise it is not.  Or do you know of somewhere in the Kentucky or Federal tax code that grants exceptions for minors?  Because I am not.

 

But I wouldn't spend your time trying to argue with me.  I'd suggest you spend your time reading about how to report your income and expenses.  You probably also need to find out if will need to start making quarterly payments to the IRS (This is often required of those who are self employed, even if you end up with no taxable income at the end of the year.)

 

[MashiroShiina]

DEPENDS WHERE YOU LIVE. It differs from country a lot, and a little from states

[xQubeZx]

If it is anything close to how it works here you will most liley have to report how much you earn per year and then if it goes above a certain level you will have to pay tax. If it is below the limit you wont have to pay.