As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Here are a couple things for people to keep in mind as they prepare to file their taxes:
- Who is Required to File. In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or if they are a dependent of another person. For example, if a taxpayer is single and younger than age 65, they must file if their income was at least $10,400. There are other instances when a taxpayer must file. Give us a call or email us for more information.
- Filing to get a refund. Even if a taxpayer doesn’t have to file, they should file a tax return if they can get money back. If a taxpayer answers “yes” to any of these questions, they could be due a refund:
- Did my employer withhold federal income tax from my pay?
- Did I make estimated tax payments?
- Did I overpay last year and have it applied to this year’s tax?