Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

Every year I always get asked at least a dozen times the same thing…”Who must file an income tax return?” The answer is almost always the same…”you!”. But, there are a few who are not required to file, the I.R.S. recently responded with this response.

2.1 Filing Requirements/Status/Dependents/Exemptions: Filing Requirements
How much does a student have to make before he or she has to file an income tax return?
If you are an unmarried dependent, you must file a tax return if your earned and/or unearned income exceeds certain limits. To find these limits refer to Filing Requirements for Dependents in Publication 501, Exemption, Standard Deduction and Filing Information. If part of your earned income is from tips, see Tax Topic 402, Tips.

Even if you do not have to file, you should file a federal income tax return to get money back if any of the following apply:

1.You had income tax withheld from your pay.

2.You qualify for the earned income credit.

3.You qualify for the additional child tax credit. “

More specifically, Individuals, who are U.S. citizens or resident aliens, and whose gross income exceeds amounts shown in the table below must file.

Additionally, any taxpayer who owes special taxes like:

·Social security or medicare tax on tips unreported to employers

·Uncollected social security, medicare tax or railroad retirement tax on tips reported to an employer

·Alternative minimum tax

·Household employment taxes

·Additional tax on a qualified retirement plan or IRA

·Additional tax on HAS’s,  MSA’s , or other qualified tuition plan

·Recapture of certain credits

David S. Bland is a licensed CPA practicing in Sarasota, Florida. David has recently released a series of plain terms, easy to understand programs geared toward educating taxpayers and preparers on the little know “LEGAL” deductions and loopholes that are available to all taxpayers, including businesses.  These courses even walk the taxpayer through the steps for filling out their own return correctly.  Even if you use a professional tax preparer, there are many tips contained within this program that are guaranteed to save you money on your taxes even prior to seeing your tax preparer. Even helping you pick the right preparer for your unique situation. For more information on these very special educational course visit: TaxForm411.com / TaxForms411.com / TaxFormsHelp.com

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