What Is The Minimum Income To File Income Tax?
A huge misconception
Many people believe that there is an absolute minimum amount of money that you must make before you are able to file for taxes. In fact there is no limit to actually file the taxes, however there is a limit to being able to file for an income tax return. The only point to filing your taxes if you make under the amount required for receiving a return would be to make sure that there were no errors on the amount taken out. If for some reason there was an error on the amount of income tax taken out, then you can get this correct by sending your taxes in.
The limit for getting the return
In order to get the income tax return that so many seek, you need to make at least $5450 in a year. This is not a hard hurdle to leap if you are working full time. In fact, even at minimum wage the person who works full time would make many times this amount of money in a year. If you pass this amount of money, then you are able to pass this limit and fill for an income tax return. Depending on how much money you make and how much is taken out in different categories will determine how much money you get back on your return.
The ever changing rules
The taxes laws are written each year by politicians, and thus they can change quickly with the changing course of the political tides. You will need to check in regularly to make sure that the laws have remained the same regarding the limits on how much you have to earn for a return. Always look up the most current information available.
- Do I Need To File Government Taxes If My Business Earned No Income?
- How Soon Can I Check On My Income Tax Return Status After I File?
- Should I Mail My Income Tax Return Or File Online?
- What Is The Alternative Minimum Tax?
- Who Pays Alternative Minimum Tax?