Welcome to Income Taxes Idea Guide
Virginia Income 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.
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!
Virginia Income Taxes News
6 months into fiscal year, W.Va. up nearly $75M (AP via Yahoo! Finance)
West Virginia remains the envy of most of the rest of the country when it comes to state budget revenues: It ended the first half of its budget year last month with a potential surplus of nearly $75 million.
Read more...Schools to lose $553,000 in funds (Southside Sentinel)
The State of Virginia will cut $445,000 in basic school aid and $108,000 in debt service payments from the Middlesex school budget in 2009-10 (FY10), the county board of supervisors was told by school superintendent Rusty Fairheart Tuesday.
Read more...Land values bring shock (Bristol Herald Courier)
Startling news has come in the mail these past few days for some residents of Washington County. Folks like Jody Murphy, who is retired and lives with a handicapped daughter, and W.K. Harley, an 80-year-old cattle farmer and retired railroad worker, say skyrocketing real estate assessments – and therefore taxes – are a threat to their American dream.
Read more...Legislative update (Orange County Review)
Your opinion is very important to me. Please take a few moments to complete the following survey.
Read more...'Saver's credit' might offer tax break at crucial time (Lancaster Eagle-Gazette)
LANCASTER - Although the recession has hit many retirement funds hard, there is a special tax credit from the Internal Revenue Service that might soften the blow.
Read more...Businesses unsure how new tax reporting will affect them (Charleston Daily Mail)
CHARLESTON, W.Va. -- State businesses are viewing a new state tax-filing requirement with caution.As of Jan. 1, the state began requiring what is known as "combined reporting," which is designed to keep multi-state companies from dodging state ta...
Read more...