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? 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...