Welcome to income taxes Guide
Income Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Having a Minimum Income to File Taxes
from:When it comes to filing income taxes, not many people know that you must have a minimum income to file taxes. However, the government made it so that a person, whether they are single or married, must have a minimum income to file taxes.
Most often when people are working, they don't think of filing taxes. However, the government had even changed that. In fact, when it comes to making an income there is no way around paying taxes. Although, one good thing is that if you make such a small amount of money, you don't have to bother with filing the taxes. However, most people do file the taxes because there is always the possibility of getting a refund.
When it actually comes down to the minimum income to file taxes; the amount varies from state to state. However, the amounts are usually around the same ball park! Also, the minimum income to file taxes may change from year to year as well. The minimum income to file taxes in any given year is usually based on how much a person makes; under a certain filing status. When it comes down to the filing status, there are five different statuses; which are single, married filing jointly, married filing separately, head of household, and widow or widower with a qualifying child. Depending upon your ages or disabilities, the requirements may also be a little more lenient.
The IRS also uses certain standards to determine to amount of taxes a person pays so that they don't get bumped up to the next higher tax bracket. In the current year, if you were to file taxes, the minimum income to file taxes would be as follows:
• Single- if you are under 65 your income should be at least $8,450; if over 65 your income should be at least $9,400
• Married filing jointly- if you both are under 65 the income should be at least $16,900; both over 65 income should be at least $18,900; if one is over 65 and the other not then that one income should be at least $17,900.
• Married filing separately- no matter what the age, if filing separately, you must each file a return if each income is at least $3,300.
• Head of Household- if under 65 then income should be at least $10,850; if over 65 then income should be at least $12,100.
• Qualifying widow/widower with a child- must have an income of at least $13,600 if under 65; if over 65 the income should be at least $14,600.
No matter what happens, the reasons why you are filing; you must make sure that you know what you grossed. If you do not file when you made enough money, which could get you into real problems with the IRS!
Income Taxes News
To help stop budget bleeding, raise taxes on the rich - New York Daily News
To help stop budget bleeding, raise taxes on the rich New York Daily News, NY - Opponents of a tax on millionaires repeat the mantra that asking the wealthy to pay a modest increase in income taxes would drive them out of the state. ... Boxes take revenge, blow up in Schwarzenegger's face Facing Deficits, States Get Out Sharper Knives New York Budget Gaps Threaten Broader Economy |
BJ's Wholesale Club Reports Third Quarter Results - MarketWatch
BJ's Wholesale Club Reports Third Quarter Results MarketWatch - ... inventories 977995 939572 Current deferred income taxes 29211 33851 Prepaid expenses 29749 27177 Total current assets 1191931 1213308 Property, ... |
Mad Catz Fiscal 2009 Second Quarter Net Sales Rise 53% - MarketWatch
 International Business Times | Mad Catz Fiscal 2009 Second Quarter Net Sales Rise 53% MarketWatch - The loss before income taxes for the quarter ended September 30, 2008 was $1.4 million, as compared to a gain before income taxes of $1.5 million in the ... Primoris Services Corporation Announces Third Quarter 2008 ... Chem Rx Corporation Reports Third Quarter 2008 Financial Results Vertical Branding Announces 3rd Quarter 20008 Financial Results |
Ireland to tweak airport, income taxes -ministry - Reuters
Ireland to tweak airport, income taxes -ministry Reuters - In its 2009 finance bill due to be published on Thursday, the government is also planning to introduce a 3-percent income levy for those earning more than ... |
LICT Corporation Announces Third Quarter Earnings - MarketWatch
LICT Corporation Announces Third Quarter Earnings MarketWatch - ... Benefit For Income Taxes (1609 ) (2104 ) (7685 ) (5188 ) Net Income (Loss) $2068 $3038 $11473 $7666 Weighted Average Shares Used In Earnings Per Share ... CIBL Inc. Announces Third Quarter Earnings |