do you have to file your federal taxes every year?
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Some people don't need to file taxes every year. ... Once you reach a certain income level, the law usually requires you to file taxes. The amounts are adjusted annually for inflation. If your gross income for 2018 is above the thresholds for your age and filing status, you must file a federal tax return next year.
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When your gross income is less than the IRS minimum for your filing status, you aren't required to file a return based on that income. For single taxpayers, the minimum as of 2012 was $9,750. If you are married and file jointly, you may need to file even though the minimum for this filing status is $19,500.
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If your only source of retirement income is Social Security, you may not have to pay taxes or file an income tax return. If you receive only Social Security or railroad retirement tier 1 benefits or have limited other income, use the IRS interview to determine whether you must file a federal income tax return.
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Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.
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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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Most people in Canada will have to file a tax return, even if they made no income. However, to make it easy for you, here is a list from the government, specifying when you have to file your taxes. You have to pay tax for 2017. We sent you a request to file a return.
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Filing a federal return – Many states will require you to file state taxes if you're also required to file federal taxes. ... Getting a refund – If you've had more state income taxes withheld from your paycheck than you owe, you could have a refund coming. However, the state won't send you the refund automatically.
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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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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 are not a resident of Canada, you may be required to pay income tax.
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The calculation of these payments is renewed each year according to your income tax return and any changes to your familial situation, so it's important to stay disciplined. If you want to benefit from the CCB, you need to file your taxes on time, even if you have low or no income.
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Interestingly enough, the answer isn't a simple yes or no. Most people in Canada will have to file a tax return, even if they made no income. However, to make it easy for you, here is a list from the government, specifying when you have to file your taxes. You have to pay tax for 2017.
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The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amount. ... If Social Security is your sole source of income, then you don't need to file a tax return.
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Do I have to file taxes quarterly? If you're a sole proprietor, the answer is most likely yes. The IRS expects self-employed individuals to pay federal income tax throughout the year, and if you don't pay estimated taxes each quarter, Uncle Sam can charge you interest and impose nonpayment penalties.
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Once you fill out a homestead tax exemption, it will roll over automatically every year – there's no need to file a new application unless you move to a new residence.
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Generally, if Social Security is your only income, your benefits are not taxable, and you probably do not need to file a federal income tax return.
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If you were a Kansas resident for the entire year, you must file a Kansas individual income tax return if you are required to file a federal income tax return or your Kansas adjusted gross income is more than the total of your Kansas standard deduction and exemption allowance.
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This is one of the great little secrets about the federal tax law. If you have a refund coming from the IRS—as about three out of four taxpayers do every year—then there is no penalty for failing to file your tax return by the deadline, even if you don't ask for an extension.