If you are self-employed, your obligation to file a tax return doesn’t relate to the Standard Deduction and personal exemption at all. Instead, you must file a return whenever your net earnings from self-employment exceed the threshold amounts set out by the IRS each year. With Turb...
Who must file an income tax return?§ 1.6012-1 Individuals required to make returns of income. (a) Individual citizen or resident—(1) In general. Except as provided in subparagraph (2) of this paragraph, an income tax return must be filed by every individual for each taxable year ...
such as arefund. For example, one might choose to file an amended return in instances of misreported earnings ortax credits. Mathematical errors, however, do not require amendments because the IRS
Do you know how to pay self-assessment tax? Learn whether you need to send a tax return and how to file online, as well as how to pay what you owe.
Tax tips and video homepage Browse all tax tips Married filing jointly vs separately Guide to head of household Rules for claiming dependents File taxes with no income About form 1099-NEC Amended tax return Capital gains tax rate File back taxes ...
Refundable credits, particularly the earned income tax credit (EITC) and the child tax credit, serve an important anti-poverty measure for low-income taxpayers. Annually, millions of taxpayers who do not owe any federal income tax must file a tax return in order to claim these credits that ...
If an individual is considered an employee, then the employer is responsible for taxes. If they are an independent contractor, they must handle the withholding of taxes.
If you're the executor of an estate, you will need to file an estate tax return. On the whole, the value of assets is determined by their fair market value, not how much someone paid for them. The unlimited marital deduction means surviving spouses are typically exempt from federal estate...
Do I have to pay Arizona state income tax? Generally, you have to file an Arizona state income tax return if you’re a resident, part-year resident or nonresident. Full-year and part-year residents must file if their gross income is above: Filing status Arizona gross income Single $13,...
IRS Form 941 is the form your business uses to report income taxes and payroll taxes that you withheld from your employees' wages.— Getty Images/Nitat Termmee If you have employees, you must file Form 941 to report any federal withholdings. This form determines your payroll tax liability fo...