Welcome to income taxes Guide
Earned Income Credit Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Do You Have a Minimum Income to File Taxes?
from: www.TaxesExposed.comWhen it comes to filing income taxes, not a lot of people know that you must have a minimum income to file taxes. However, the government states that a person, whether they are single or married, must have a minimum income to file taxes.
Most times when people are working, they do not think of filing taxes. However, the government had even changed that. In fact, when it comes to making an income there is no way around paying taxes. Although, one good thing is that if you make only a small amount of money, you do not have to bother with filing the taxes. However, most individuals do file the taxes because there is always the possibility of getting a refund.
When it actually comes down to the minimum income to file taxes; the amount varies from state to state. However, the amounts are usually around the same ball park! Also, the minimum income to file taxes might change from year to year as well. The minimum income to file taxes in any given year is usually based on how much someone makes; under a certain filing status. When it comes down to the filing status, there are five different statuses; which are single, married filing jointly, married filing separately, head of household, and widow or widower with a qualifying child. Depending upon your ages or disabilities, the requirements may also be a little more lenient.
The IRS also uses certain standards to determine to amount of taxes a person pays so that they don't get bumped up to the next higher tax bracket. In the current year, if you were to file taxes, the minimum income to file taxes would be as follows:
• Single- if you are under 65 your income should be at least $8,450; if over 65 your income should be at least $9,400
• Married filing jointly- if you both are under 65 the income should be at least $16,900; both over 65 income should be at least $18,900; if one is over 65 and the other not then that one income should be at least $17,900.
• Married filing separately- no matter what the age, if filing separately, you must each file a return if each income is at least $3,300.
• Head of Household- if under 65 then income should be at least $10,850; if over 65 then income should be at least $12,100.
• Qualifying widow/widower with a child- must have an income of at least $13,600 if under 65; if over 65 the income should be at least $14,600.
No matter what happens, the reasons why you are filing; you must make sure that you know how much you grossed. If you do not file when you made enough money, which could get you into real big problems with the IRS!
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Income Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
Earned Income Credit Taxes News
18 tax credits and deductions to take this year - CBS News
 MyFox Washington DC | 18 tax credits and deductions to take this year CBS News The maximum earned income tax credit (EITC): $5751, up from $5666 in 2010. The maximum income limit for the EITC rises to $49078, up from $48362 in 2010. -- Cost-basis reporting by brokers: As of 2011, brokers must track clients' purchases of stock, ... Tax Tips: Earned Income Tax Credit helps you keep more of what you earned Tax Tips For First-Time Filers Finance: Here Are Some Moves To Lower Your Tax Bill |
Who pays the highest taxes? - Reuters
 The Associated Press | Who pays the highest taxes? Reuters The capital gains tax rate on investments currently tops out at 15 percent, while the highest rate for earned income is more than twice that at 35 percent. As a result, it's typical for Buffet -- who has volunteered to pay more and publicly excoriated ... Proof that Romney really doesn't care about the poor Factbox: Likely tax proposals in Obama's 2013 budget Tax reform in this election year: It's not likely |
Earned income tax credit is often overlooked - NewsOK.com
 Learnvest Living (blog) | Earned income tax credit is often overlooked NewsOK.com Twenty percent of taxpayers eligible for a key tax credit don't claim it on their federal returns. More than 26 million workers received earned income tax credits averaging $2240 last year — but roughly 6.5 million left potentially thousands of ... Barry Dolowich: Earned income tax credit State leaders promote Earned Income Tax Credit What Is a Tax Credit? It Lowers Your Tax Bill! |