As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Here are three things for people to keep in mind as they prepare to file their taxes:
Who is Required to File. In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or if they are a dependent of another person. For example, if a taxpayer is single and younger than age 65, they must file if their income was at least $10,400. There are other instances when a taxpayer must file. Go to IRS.gov/filing for more information.
Filing to get a refund. Even if a taxpayer doesn’t have to file, they should file a tax return if they can get money back. If a taxpayer answers “yes” to any of these questions, they could be due a refund:
◦Did my employer withhold federal income tax from my pay?
◦Did I make estimated tax payments?
◦Did I overpay last year and have it applied to this year’s tax?
Excerpt: IRS Tax Tip 2018-07