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Do you have to file a tax return if you made less than 8000?
Yes and no. If you're being claimed as someone else's dependent, you're required to file a return if you're single under 65 with earned income over $5,700 or single over 65 with over $7,100 earned income. If you're being claimed as someone else's dependent, you're required to file if you're married under 65 with earned income over $5,700 or if you're married over 65 with over $6,800 earned income. If you're not being claimed as someone else's dependent you aren't required to file with less than $8,000 earned income UNLESS you're Married Filing Separately with income of at least $3,650. Even though you may not be required to file, you should file to get a refund if any federal tax has been withheld from your pay during the year. You also should file if you're eligible for certain credits, such as earned income, additional child tax credit, making work pay, government retiree, etc.
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You are required to report ALL of your income, even barter income, regardless of the amount. For each of your different businesses (if you have more than 1), you… would file a separate Schedule C and Schedule SE. If you have more than $400 NET income from your schedule C, then it is Self-Employment taxable. Self-employment tax is merely both sides of FICA (aka social security/medicare); employee AND employer. Any net income (or loss) from the Schedule C is then reported on the first page of the 1040. All of your income and loss (W-2, 1099-INT/Div, Stock Sales, Business/Schedule C, Rental/Schedule E, etc) are added together to determine your AGI. Then your exemptions and deductions (standard or itemized) are factored in to give you your taxable income.
You may have to file but you may want to file. You will know the amount after you complete your 2009 income tax return. Go to www.irs.gov and use the search box type FREE TA…X HELP AVAILABLE NATION WIDE Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than $49,000. The Tax Counseling for the Elderly (TCE) Program offers free tax help to taxpayers who are 60 and older. EITC-eligible taxpayers also can seek free assistance at the 400 IRS Taxpayer Assistance Centers nationwide. To assist EITC taxpayers, 167 IRS TACs will offer Saturday service on Jan. 30, Feb. 6 and Feb. 20
if u make less than 1200 a year no you dont have to file taxes
You're not required to file a return for your Single filing status if your 2008 income is less than $8,950 (or less than $9,350 for 2009). Even though you're not required to f…ile, you should file if income tax was withheld from your earnings in order to receive a refund of that tax. Also, if you're eligible for certain credits (such as earned income), you should file even when not required
If you're talking about integers (whole numbers), then it's 7,999 . If you're not restricting the question to whole numbers, then the answer is messy. I don't want to t…hink about it, and I don't think you're ready for it anyway.
well less than is subtraction so 8000-1000=7000. if it helps try droping the zeros in things like this so it would be 8-1=7
No, if you made nothing in the year. If you are self-employed and have filed in previous years, then you also need to file for the prior taxable year. There is big differ…ence between money earned and what is considered a profit in self-employment.
Not if the 600 is all of your worldwide gross income and you are probably a qualifying relative dependent on another taxpayers income tax return you would not need to file a i…ncome tax return.
Simple Common Sense: It really makes no difference since the only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's… good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
Well YOU never fill out a 1099, your receive them..and generally they report income yu need to include. And to cut to the chase....if the IRS says you don't HAVE TO file (but …can) who do yo think that would benefit, you or them?
Being a teenager does not exempt anyone from filing tax returns. According to IRS Publication 17, page 4, if a teenager is NOT claimed as a dependent on someone else's retur…n, then they must file a return if: · Your filing status is single and your gross income is at least $9,500 · Your filing status is married, filing jointly and your gross income is at least $19,000 · Your filing status is married filing separately and your gross income is at least $3,700 · Your filing status is "head of household" and your gross income is at least $12,200 · Your filing status is "qualifying widow(er) with dependent child" and your gross income is at least $15,300 According IRS Publication 17, page 6, unmarried teenagers who are dependents (for example - their parents claim them as dependents on their own tax return) must file a tax return if any of the following apply: · Your unearned income was more than $950. · Your earned income was more than $5,800. · Your gross income was more than the larger of: · $950, or · Your earned income (up to $5,500) plus $300. It's slightly more complicated if you are a married teenager but still claimed as a dependent. In that case, a teenager must file a tax return if any of the following apply: · Your unearned income was more than $2,100 · Your earned income was more than $6,950 · Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. · Your gross income was more than the larger of: · $2,100 · Your earned income (up to $5,500) plus $1,450
If you have filed a tax return but you then realize that your return is inaccurate in some way and you wish to correct the inaccuracy, you can file a revised tax return which …would be called an amended tax return.
What tax forms must be considered when filing a consolidated C corporation tax return when assets are less than 10 million dollars?
Answer That you are asking implies you may want to get some additional guidance. The 1120 series is used to file C corp returns. Each co in the group should have i…t's own entire pro-forma return made, and an elimination Co made on the Consolidating schedules for tax to produce one combined entitiy. Remember that the States may not allow, and others may require, consolidayed or Unitary filing. Dividends, ownwership percentages, intercompany transactions, accrual accounts and items that must be recorded to equity rather than deferred accounts, (the entire FAS 109 thing is for GAAP only), but can get a bit honery. Obviously, the specific schedules needed to be completed, and whether forms 1118, 4797, 5462, Schd. D, etc. etc., depend on the operations and accounting for the Co or group. Schedule M-1 (now actually M-3) needs to be paid particular attention to.
Yes this could be possible if this is self employment income. If you have any rental income you would be required to file a 1040 tax form along with the schedule E to report y…our gross rental income and expenses. A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the marginal tax rates. A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the enclosed web site. Go to the IRS gov web site and use the search box for 1040 and choose instruction Filing Requirements Do You Have To File Click on the below related link