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Not every taxpayer has to file a tax return
Source:
cbsnews.com
- Mar 13, 2017
Does everyone have to file a federal tax return every year? Nope. Generally, if your income falls below a certain level, the personal exemption and standard deduction you’ve entitled to claim can reduce any income you’ve earned to zero, resulting in no taxable income to report -- and no requirement to file a tax return.
Here’s an example: If you’re single, and your total income in 2016 was $10,350 or less, you owe no tax. For a married couple, the same goes for those earning up to $20,700 in 2016.
In addition to how much you’ve earned, several other factors affect whether you’re required to file a return. If your earnings weren’t more than the amounts mentioned above, but if you were self-employed, can be claimed as a dependent on someone’s tax return or received tax credits to buy health insurance on an exchange, you’ll still have to file.
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Category: General Business
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