Marked as spam
Posted by Talia (MONEY FORUMS: 3, Answers: 0)
Asked on September 8, 2015 1:51 pm
Hi Talia, There are several pieces to the answer to this question. First is determining whether or not you have to file. The Internal Revenue Service (IRS) assesses and collects taxes on businesses and individuals in the US. Individuals have to file a tax return for any year that their income exceeds minimums. For last year, the 2014 tax year, a single person needed to file federal taxes if their total income exceeded $10,150. Single persons with less than that total income did not need to file. The numbers are higher for married persons filing jointly. In many cases it is important to file even if your income is below the minimum to have to file. Filing is the only way to get a refund of taxes which were withheld from your pay! So if you had federal income tax withheld and your income was below the threshold of having to file you should still file so you can get a refund. The income level for having to file changes each year. The IRS details filing requirements, including the income levels as well as what counts as income, in the tax return instructions each year. These can be found on their website at irs.gov. Presuming you have to file a federal return then the easiest way for most people is to e-file. This can be done by starting at the IRS website. You can print and mail returns as well. Where to mail depends on your state and whether or not you are getting a refund. The addresses are listed in the back of the tax form instructions. State taxes are different than federal and vary from state to state. Seven states have no income tax, most do. Information on your particular state should be available on their tax department website. It is always a good idea to look up the state requirements before filing your federal return. Some states use the information from you federal return but to e-file you may have to start at the state's website. This will vary from state to state so check first! Of course, you can always ask about your state requirements here when tax time comes back around!