Here are two 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. Contact Us Today! 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?
All taxpayers should keep a copy of their tax return.