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Find Out About The Tax Filing Requirements; Chek If You Are Eligible For Free Tax Filing

Tax Filing
Tax Filing; Source- Forbes

When tax season rolls around, a lot of people start wondering if they really need to submit a return. It’s essential to comprehend the minimal income requirements for filing taxes in order to minimize potential refunds and prevent fines. The main factors that determine whether you have to submit taxes are your age, filing status, and gross income. Your total revenue before deductions and adjustments is referred to as your gross income.

Tax Filing

Tax Filing; Source- MARCA

Minimum Income Criteria For Tax Filing

You can file as a single person, as a married couple filing jointly or independently, as the head of the household, or as a qualified widow or widower with a dependent child. Based on filing status and age, the Internal Revenue Service (IRS) establishes minimum income criteria. The minimum income requirements for the different filing statuses are Individuals without children earning $13,850 if under 65, $15,700 if over 65. Filing jointly, married couple with income of $27,700 if both are under 65, $29,200 if one is under 65 and the other is 65 or older, and $30,700 if both are 65 or older. Married individuals file separately, with $5 for every age. Head of household making $20,800 if under 65 years old, $22,650 if over 65. A qualifying widow(er) with a dependent child must make $27,700 if they are under 65, or $29,200 if they are over 65.

Filing For Tax Return

To find out if you have to file a tax return, use these income criteria as a guide. But regardless of income level, there are several circumstances in which filing taxes is required. These include situations like having at least $400 in net profits from self-employment, getting distributions from certain accounts, having unpaid taxes on several transactions or accounts, and other unique situations listed by the IRS. Importantly, there are still reasons you may want to file a tax return even if your income is below the minimum threshold.

A tax refund could arise from qualifying for tax benefits like the additional child tax credit or earned income tax credit. In addition, submitting a return might shield you from possible IRS notices and enable you to get back any money you may have lost on tax credits in previous years. To guarantee compliance with tax rules and optimize financial opportunities, it’s critical to assess your unique situation and weigh the benefits of filing taxes, regardless of whether you make the minimal income threshold.

Free File Work

Individuals who file taxes under a specific income threshold can obtain free commercial tax software by utilizing the IRS Free File program, which is a collaboration among IRS and Free File Alliance. Regardless of financial status, the website also provides additional free file services. Numerous businesses also provide a free version of their tax filing software; however, these versions frequently have limitations and work best with basic returns. Among the businesses are MilTax Direct File, Volunteer Income Tax Assistance (VITA), GetYourRefund Tax, IRS Free File, Free online tax software, and Counseling for the Elderly (TCE). The IRS will also introduce Direct File, which will enable returns to be filed electronically in 12 states.

Families or people who earned adjusted gross incomes of $79000 or less in 2023 are typically eligible to use the service for 2024, but each provider may add their own clauses so be sure to read the fine print. This is a very reliable service because it is approved by the IRS themselves and operates in association with a charitable organization, meaning that they do not earn any money for you using their service. It also allows access to software offered by tax-prep groups which includes some major brands and offers services in Spanish for anyone who likes to utilize that language instead of English.

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