LC copy lacks CD-ROM.
|Statement||by William Conklin.|
|LC Classifications||KF6369.6 .C66 2000|
|The Physical Object|
|Pagination||xviii, 140 p. ;|
|Number of Pages||140|
|LC Control Number||00106779|
Even if you aren't required to file a tax return, here are the reasons you'd want to file anyway: To get your tax withholdings back; To get refundable credits you qualify for, like the Earned Income Credit, the Child Tax Credit, or the American Opportunity Credit; Otherwise, don't file a return if you don't have any withholdings or qualify for any refundable credits. 1. There is no statute that makes a person liable or responsible to pay the income tax. Individuals only become liable to pay the income tax when they voluntarily file a tax return, or when the IRS follows its assessment procedures as outlined in the Internal Revenue Code. In a previous article, we discussed the fact that many people are not required to file an income tax return. However, there are some instances when you may want to file a tax return even though you are not required to do so. Why You Should File A Tax Return: Recently, the IRS gave seven reasons for doing so: Federal Income Tax Withheld - You should file to get money back if Federal Income Tax. You are required to file a federal income tax return if your income is above a certain level. That level varies quite a bit, depending on your filing status, your age and the kind of income you’re reporting. See the table below for your situation. Others Who Need to File. You will still need to ﬁle a tax return if any of the following apply.
Filing Anyway Might be a Good Idea. While some people may not want to file an income tax return every year, there are various benefits that, if realized, might make it favorable to do so. Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status. When total income is within the minimum exemption limit, it’s not compulsory to file a tax return. The minimum exemption limit is R lakh if you are less than 60 years old. However, this decision can come back to haunt you later. State tax law—not your refund amount—determines whether or not you're required to file. Many states require that you file a state tax return if you filed a federal return, regardless of your anticipated refund amount.
Federal income tax withheld. Basic information to help you determine your gross income. The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax . Although limits change periodically, for , single filers were not required to file if gross income was less than $9,, or $10, if over age Married taxpayers filing separate returns. Take the Earned Income Tax Credit, or EITC, for 's one of the few refundable tax credits out there, which means that if it reduces your tax liability to less than $0, the IRS will send. The issue, then, is not with paying our taxes. The question is whether to use Form to report interesting, never dull, more than controversial, and certainly quite an eye-opening read, Why No One is Required to File Tax Returns is written for the everyday working man or woman.