Yes..absolutely...and prove it...and for many other reasons, like being able to use the tax benefit of that loss against future income.
When a person does not file their income tax return every year, there will be a penalty. An income tax shows the amount of how much the person has earned for the year.
Children only need to file a tax return if they are being payed a regular salary for a job, or if they have their own business. Depending on the legal setup of the business, you may have to pay taxes on the business's income as well as your personal income.
One person files one tax return for whatever income and expenses that person may have, whether relating to a business or a home. However, if you business is incorporated, then it has to file corporate income tax as well.
A distributor will pay taxes as would any other business. They would file the return based on the type of business they are legally. If a sole proprietorship, they would file a 1040 with a Schedule C for the business section. If a C Corporation, they would file a 1120 Corporate return. If a Subchapter S corporation, they will file 1120S. A partnership will file a form 1065 return. Their income is calculated as income minus cost of good sold minus expense will equal income.
When you file your income tax return for the year of the sale.
If you worked then you need to file an income tax return. If you have a business then you will also need to file a tax return in order to remain compliant.
Yes. Plus in business losses from onw year can be used to offset income in another.
The answer is no!
File free OK state income tax return
If you want to file a tax return YES you can. SSI (supplement security income) would not be taxable income that you would report on your 1040 income tax return. If you do NOT have any taxable worldwide income that you are required to report on your federal 1040 income tax return it would NOT benefit you to file a federal income tax return and you would NOT meet any of the MUST FILE A INCOME TAX RETURN requirement's. If you want to file a tax return YES you can.
There is no age limit on the requirement to file and income tax return. As long as you have more income than the filing threshold, you will be required to file a return, no matter what your age.
You can file a income tax return if you WANT to if the only worldwide income that you have is the welfare income amount. IF you do NOT have any other worldwide income to be reported on the 1040 federal income tax return you would NOT be required to file a 1040 federal income tax return.