It’s tax time and even though I shut down my Tax Service in an effort to focus on my Branding Business I still get the some of the same questions every year. People want to know if they have to file their income for any given tax year. Every year the amount and the laws can change so it is always important to make sure you speak with a tax professional before deciding NOT to file your income.
For the tax year of 2012, Independent Contractors sand Business Owners are required to file a tax return if their net earnings from self-employment are at least $400.00.
Now for the rest of us the amounts for those who have to file are as follows:
|Single||Not a dependent||
|Single||Not a dependent – 65 or over||
|Married||Filing jointly one spouse over 65||
|Married||Filing jointly both over 65||
|Married (not dependent)||Filing a separate return||
|Surviving Spouse||Over 65||
|Head of household||
|Head of household||Over 65||
This table is for those who are considering not filing taxes because they had little or no income. I would suggest though, that you file your taxes no matter how much income you have. Many of those whom this table would apply to can qualify for the earned income credit and receive a tax refund even if no income taxes were paid out in the given tax year. Don’t miss out on your money. The amount you receive in a refund due to the earned income credit is often a few thousand dollars depending on your filing status, the number of dependents you have and how much money you made during the tax year.
I hope this helps you and if you any other questions please feel free to post your questions below.
© 2013, Tami Highbaugh-Abdullah. All rights reserved. Copy, and reblogging (reposting) this blog or the use of blog post images are NOT permitted without direct permission of The Blackness