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2001 Federal Income Taxes Article
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Having a Minimum Income to File Taxes
from:When it comes to filing income taxes, not many people know that you must have a minimum income to file taxes. However, the government made it so that a person, whether they are single or married, must have a minimum income to file taxes.
Most often when people are working, they don't 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 such a small amount of money, you don't have to bother with filing the taxes. However, most people 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 may change from year to year as well. The minimum income to file taxes in any given year is usually based on how much a person 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 what you grossed. If you do not file when you made enough money, which could get you into real problems with the IRS!
2001 Federal Income Taxes News
Clerk of court Jeanette McBride still owes feds - The State
Jeanette McBride, the new Richland County clerk of court, said she is still working to pay off her federal income taxes. McBride, who had promised in July to have the debt repaid before taking office, acknowledged earlier this week she still owes a ...
Read more...Local councilman sentenced for tax evasion - Dayton Daily News
DAYTON — A federal court today, Jan. 7, sentenced Waynesville Councilman Richard "Dick" Philpott to serve two years probation and 100 hours of community service for income tax evasion. United States District Judge Thomas M. Rose also ordered ...
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A powerful Senate panel is expected this morning to pass a handful of bills designed to plug the state's $2.3 billion budget shortfall. While schools and social services would take the biggest hit in the more than $1 billion in cuts, the Senate also ...
Read more...Centralising agricultural income tax - Pakistan News Service
During Mughal and British periods tax on agricultural income was never imposed. Ninety per cent of agricultural land and its income was owned and enjoyed by 10 per cent of the landed aristocracy which, in turn, recruited soldiery, provided cavalry ...
Read more...Many Taxpayers Stand to Gain From New Laws - Marketwatch
New Year's Day brought relief for most taxpayers, especially upper-income ones -- even as President-elect Barack Obama is proposing new tax cuts as part of his wide-ranging economic-stimulus package. Starting Jan. 1, the basic federal estate-tax ...
Read more...Entries for January 2009 - US News and World Report
We crave the short term relief and want it as soon as possible. The stimulus plan will be crafted by mid-February to spend $775 billion. It's a major stretch to think that Congress can find a way to efficiently spend or allocate out this massive ...
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