Do I Actually Have To File Taxes?
Have you ever asked yourself, do I really have to file taxes?
The short answer, most often, is yes. The long answer may surprise you. There are a select few of us who actually don’t have to file taxes, and this is dependent on your age, your income level, and your filing status.
Here’s how to know if you qualify…
Use this guide below, courtesy of Money Crashers to see the tax filing income limits for the 2015 tax season:
|65 or older||$11,850|
|Head of Household||Under 65||$13,250|
|65 or older||$14,800|
|Married Filing Jointly||Under 65 (both spouses)||$20,600|
|65 or older (one spouse)||$21,850|
|65 or older (both spouses)||$23,100|
|Married Filing Separately||Any age||$4,000|
|Qualifying Widow(er) with Dependent Children||Under 65||$16,600|
|65 or older||$17,850|
The income requirements vary based on your filing status, but age is the real tell-tale. The only situation where age is not a factor is if you file as married filing separately. If you earn at least $4,000 you still have to file no matter your age.
While the rules are a bit different for dependents, any dependent that is under the age of 65, married, and/or blind must typically file. If your dependent falls outside this category , the income limit becomes higher.
Even with these few limitations, some who meet these requirements may still need to file. For example, if you owe any special taxes, such as household employment taxes, then you are still required to file.
If you don’t meet the requirements of those who need to file taxes this year, you may want to file anyway! Why? Well, if you had federal income taxes withheld from your paychecks, you may see a portion of that back to you as a return, which is nice. Also, if you are eligible for refund tax credits, you can’t receive them without filing.
Still not sure if you should file this season or not? Get in touch with Paragon Accountants as soon as possible; with the busy tax season upon us, we want to answer any and all of your filing questions as promptly as we can!