do you have to file taxes if you don't owe?
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No Taxes Owed Federal tax law requires you to file a tax return for any year in which a filing requirement exists, such as when your income exceeds the threshold for your filing status. ... The problem is that even if you are required to file, there are no penalties for not filing a tax return if you don't owe any taxes.
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Income requirements Individuals who fall below the minimum may still have to file a tax return under certain circumstances; for instance, if you had $400 in self-employment earnings, you'll have to file and pay self-employment tax. If you have no income, however, you aren't obligated to file.
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Generally, if you earn less than R79,000 annually (or less than R122,300 if you're older than 65), you don't have to pay income tax. Additionally, you don't need to file a return if all of the following are true: Your total employment income for the year was less than R500,000.
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However, most people in the UK pay all their tax 'at source', for example, through Pay As You Earn (PAYE) if they are employed, and as such are not required to file a tax return. However, where your tax affairs are complicated you have to complete a formal tax return.
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If you are an immigrant to Canada, you need to file a tax return, even if you were not living in Canada for the full year. You are required to file a tax return if you have a balance owing or want to claim a tax refund. Even if you do not have taxes payable, it could be to your benefit to file a tax return.
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Most expats do not pay US expat taxes because of the Foreign Earned Income Exclusion and Foreign Tax Credit benefits. However, expats still need to file taxes annually if their gross worldwide income is over the filing threshold. So even if you do not owe any taxes to the IRS, you still may need to file.
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The bottom line is this: Retirees whose only source of income is Social Security generally have no taxes due and therefore don't need to file a return. For others it depends. ... For starters the IRS uses your “combined income” to determine how much of your Social Security benefits are taxable, if any.
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If you didn't work at all during the year, you won't have any earned income. However, you might have unearned income, such as interest and dividends from investments. The IRS sets minimum income levels that vary depending on your filing status. ... A dependent with unearned income of $950 also has to file a tax return.
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Do I File a Tax Return if I Didn't Work but Have a Dependent Child? You must file a tax return to claim the Earned Income Tax Credit. If you meet the income and other filing requirements, the IRS requires you to file an annual tax return.
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Income requirements Even if you earned income last year, if it falls below the IRS minimum you don't have to file a tax return. ... If you have no income, however, you aren't obligated to file.
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I earned less than $10,000 so I don't have to file a tax return. Technically true – but, filing a tax return even if you earn below the income level required to file one could allow you to claim benefits and exemptions you might otherwise not be aware you're entitled to.
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The IRS has restrictive guidelines for determining who needs to file, which means even if you don't owe, you may still have to submit a tax return. ... These restrictions are based on the amount and type of income you receive and whether automatic deductions will reduce your income below taxable levels.
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If you don't file, the failure-to-file penalty is 5% of your unpaid taxes for each month your tax return is late, up to 25%. The penalty starts accruing the day after the tax deadline. If you file more than 60 days late, you'll pay a minimum of $135 or 100% of the taxes you owe (whichever is less).
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The good news is, you won't actually owe taxes on the payments you receive from overseas, but you'll still need to report them. You'll need to file Form 3520 and report all overseas payments along with your other forms at tax time.
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If your net business income was zero or less, you may not need to pay taxes. The IRS may still require you to file a return, however. ... If you don't owe the IRS any money, however, there's no financial penalty if you don't file.
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The penalty for not filing your tax return is 5% of the amount of tax shown on the return for each month you have not filed, up to 25% of your tax owing. If you fail to pay, the IRS imposes a ½ percent penalty for each month that the amount remains unpaid, up to 25% of your total tax owing.
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If you never filed a return in a previous year that you were unemployed, you'll still need to do so. Fortunately, you can file a late tax return with PriorTax. That means if you didn't have enough money to file your taxes in a prior year or had no idea you needed to file, you'll still be able to do so.