Are You Required to File Taxes?

Filing taxes is a crucial responsibility for individuals and businesses alike. The Internal Revenue Service (IRS) sets guidelines to determine who is required to file taxes each year. 

Whether you are a salaried employee, self-employed, or receive other forms of income, it is important to understand if you need to file taxes and to do so in a timely manner. In this article, we will provide an overview of the criteria set by the US government to help you determine if you need to file your taxes.

Do I need to file?

Young Black Professional thinking about taxes

You need to file taxes if you meet certain criteria set by the government, such as:

  • You earned a certain amount of income
  • You received specific types of income (such as self-employment income, rental income, etc.)
  • You are a U.S. citizen or resident alien
  • You lived in the U.S. for a certain period of time during the year

What if I didn't work for a company last year?

Here are some common examples of taxable income:
  • Commissions
  • Self-employment income
  • Dividends and interest from investments
  • Rental income
  • Unemployment compensation
  • Social Security benefits (if above a certain limit)
  • Capital gains from selling assets, such as stocks or real estate
  • Retirement plan distributions
  • Alimony payments
  • Prizes and awards
It's important to note that this is not an exhaustive list and some types of income may be subject to different tax rules and exemptions.

What's the minimum income to file taxes?

Great question - take a look at the below chart to see where you fall.
BYB Tax Infographic on Minimums to file taxes 2022 Tax Year

It's a good idea to check the IRS website for the most up-to-date information on tax filing requirements or to consult a tax professional for guidance.

It's important to stay informed about the latest tax laws and requirements to ensure that you meet your obligations and take advantage of any tax benefits for which you may be eligible. BYB Tax is here to help you with all of your tax-related questions and concerns, not just during tax season. Our team of tax professionals is dedicated to providing personalized and accurate advice to help you navigate the tax system with confidence. 

Contact us today to schedule a consultation and let us handle all of your tax needs year-round.

Written by Keturah Miller, PSM I

Photo credit: Anna Nekrashevich

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