![]() ![]() ![]() People who owe money - or imagine that they owe a great deal of money - might want to go into hiding. The IRS notes that self-employed individuals are required to file an annual income tax return and pay estimated tax quarterly if they had net earnings from self-employment of $400 or more. The thresholds are slightly higher for those who are older. Your age is determined by how old you were on Dec. If married filing jointly and if both spouses are younger than 65, the threshold is more than $25,900 for both spouses together, according to the IRS. If 65 or older, the threshold is $14,700 for a single person, according to the IRS. If you're single and under age 65, for example, you'd be required to file a federal income tax return if you made more than $12,950 in 2022. It's called: "Do I need to file a tax return?" You'd need your filing status, the federal income taxes withheld (shown on a W-2 or year-end paycheck) and other basic information to help you determine your gross income. The IRS has an online tool at IRS.gov to help you figure out if you must file a tax return. Tax deductions: Companies can deduct full cost of business meals on 2022 tax returns And many working lower-income households would get a bigger tax refund if they qualify for the earned income tax credit.Ĭan you get the Earned Income Tax Credit?: People may not realize they're eligible for Earned Income Tax Credit on 2022 returns But did you have taxes withheld from a paycheck that could be returned to you via a tax refund? Did you make estimated payments?īy filing a return, you might get some money that was withheld back in the form of a refund. It's true that many people aren't required to file because their incomes are so low that they're not obligated to do so. No secrets to refunds: There's no secret way to get free money or a big refund, IRS warns What happens if you don't file taxes? The IRS is also offering such relief to tax filers hit by disasters in several other states including California, Alabama, Arkansas, New York, Mississippi and Georgia. Victims of severe storms and tornadoes in Tennessee that hit March 31 and April 1, for example, now have until July 31 to file and make payments for their federal income taxes. In those cases, you don't need to file a Form 4868 to get an automatic extension. The IRS has a long list of federally declared disaster areas where the April 18 deadline will not apply. Tax Day: Did the deadline get extended? Is everyone required to file by April 18? It's best to file it as soon as you have all the necessary paperwork that enables you to file an accurate return. If you receive an extension, you do not have to wait until October to file the return. The IRS has estimated that more than 20.5 million forms will be filed either electronically or by paper nationwide requesting an extension in 2023. If you think you owe money, it's important to pay as much as you're able by April 18 to avoid interest and penalties. You're getting an extension to file, not an extension to pay. 16 – to submit your return.īut take note: your tax bill is still due on April 18. By filling out Form 4868, you can get a six-month extension –up to Oct. Regardless of your income, you can request an extension to file your taxes by using IRS Free File at IRS.gov. Here are some points to consider in the final hours ahead. This year's income tax deadline - April 18 for most taxpayers - is just around the corner.Īs last-minute filers crunch the numbers, it's essential to ignore the myths, watch your math and keep plugging away. The tax filing deadline this year, thankfully, is not April 15. ![]() Watch Video: Tech to help you find 2023 tax deductions ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |