Mark Glendon

Who Has to File Taxes?

Filing a tax return may not be your favorite thing to do, but if you're an American citizen with an income of some sort, it's likely something you have to do. Of course, not everyone needs to file a tax return. Some people are exempt from the yearly tax filing ritual, and special circumstances can also mean you don't need to file taxes.

If you're wondering where you fit in, below are some general guidelines to help you know who has to file taxes:

Income Requirements

Internal Revenue Service (IRS) Publication 501 is the document that outlines who has to file a tax return since Publication 501 lists the threshold for income needed to require a tax return. Beyond that, Publication 501 also provides information about certain deductions and dependents.

Your filing status plays a part here in that the income threshold changes based on whether you are a single tax filer, a married taxpayer filing a joint return or filing as head of household. It's also worth noting that the threshold for income can change from year to year, so you should work with a local tax professional to learn the current requirements.

In New York City, for example, you could work with a Brooklyn tax preparation company that can also give you location-specific information as it pertains to New York. A Brooklyn tax preparation company will have not only federal tax filing requirements available but also state income tax requirements. Maximize your returns with ease. Click here to visit this website for top-notch Brooklyn tax preparation services - Your financial success starts now.

Certain Minors

A minor in the United States is defined as someone who is under the age of 18. If a minor earns an income, that income may be exempt from tax withholding. This is usually the case when a minor can be claimed as a dependent on someone else's taxes but earns less than the standard deduction amount for that tax year.

Tip income can affect this as well, so if your child, for instance, worked a job waiting tables after school, tip income may need to be accounted for. Once again, look for a local tax preparation agency for specific information as it pertains to your situation.

Disclaimer: The above is for informational purposes only and is not financial advice. Consult with a local tax professional.

Author Resource:-

Mark writes often about tax and estate planning. His articles may include topics like tax planning, estate planning, business accounting or any other tax service to help the people in needs. You can find his thoughts at tax advisor blog.