Everyone who lives in a governed society enjoys the benefits and security provided to them. In return, the government needs resources to fund such activities – some of this funding comes directly from its constituents. This relationship is a sustainable one, and it has endured for many years.
While everyone pays taxes on their terms, does every person need to file a tax return?
The Internal Revenue Service has clearly defined the elements that require a person to file a tax return. Whether you have not filed one before or have been filing your tax returns, reviewing these guidelines can help you in later decisions.
Firstly, review your income and confirm if you have made the minimum amount of income required to file a tax return. Not everyone has the capacity – at least as defined by our IRS – to meet their tax return obligations. Still, they contribute to the government in other ways.
The person should be able to have all the required information about themselves, so they can decide the most appropriate filing status. In some cases, a person may qualify for credits and deductions, which could lower the amount of tax owed for that cycle.
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