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  1. #1
    Join Date
    Mar 2020
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    Default Self Employed, Can I Receive a Refund

    If I am self employed, only work for cash, is there any way I can file taxes AND receive a refund? Federal and State?

  2. #2
    Join Date
    Oct 2014
    Posts
    8,018

    Default Re: Self Employed, Can I Receive a Refund

    Quote Quoting emsan
    View Post
    If I am self employed, only work for cash, is there any way I can file taxes AND receive a refund? Federal and State?
    You are required, of course, to report all your income on your federal and state income tax returns, even when all your income is cash. You do get to deduct your business expenses and take any other deductions and credits you are entitled to claim (and have the records to prove). For more information on that, see IRS Publication 334, Tax Guide for Small Business.

    As for getting a refund, there are two ways you get a refund on a tax return, whether you are self-employed or not: (1) you pay more in withholding or estimated tax payments than the tax you owe and/or (2) you have a refundable credit (e.g. earned income credit (EIC), additional child tax credit, etc). In short, whether you are self employed or not the way you get a refund is the same.

    Self employed taxpayers are also eligible for the stimulus payment for this year of up to $1,200 ($2,400 for a married couple filing a joint return).

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