One year ago I began gold panning, metal detecting and gold recycling (electronics) full-time. The gold nuggets which I'm able to acquire from doing all of these is very little and it is very time consuming. The income which I earn from doing these is about $750 per month or $9,000 per year. My expense is usually gas mileage which is about $166 per month ($2,000 this year). My question was do I have to pay taxes to the IRS? I ask this question because I have read from websites the following:
"As an example, somebody under the age of 65 filing as a single taxpayer will only be required to file if his or her income is $10,400 or more. Why $10,400? Simple—that is the value of the standard deduction for a single taxpayer (including one exemption) in 2017. In other words, that is the amount of money that a single filer would have deducted from his or her income anyway. So, if that individual did not reach the $10,400 threshold, he or she would effectively have no taxable income, and there would be no reason to file."
"For 2017, the base tax rate is 10% if you earn $9,325 or less. For those earning between $9,325 and $37,950, the tax rate moves up to 15%. Tax rates increase gradually, topping out at 39.6%. This tax rate affects a relatively few number of taxpayers overall, as you need to earn at least $418,400 annually to break into this top tax bracket."
I'm a single taxpayer under the age of 65. In my case, what would all of these mean?
Thank you
I got the numbers backwards. When the ratio is high you want to swap your gold for silver. Then when the ratio goes down you swap your silver for gold. Since the ratio is high most of the time, you hold silver most of the time.