[youtube https://www.youtube.com/watch?v=7_516dpIZWU]
Every year there is a subset of people who ask themselves if they have to file a tax return. The best way to find out the answer to this question is by checking out the Interactive Tax Assistant on IRS.gov/ITA and clicking on “Do I Need to File a Tax Return?”
You will then be asked a series of questions, the answers to which will determine whether or not you are required to file a tax return this year. Some of the factors that determine your need to file include:
- Your filing status
- Age
- Income amount
- Income type
Situations do vary if you are self-employed or if you can be claimed on someone else’s tax return, so it is always a good idea to check with your tax professional to be sure.
Just because you aren’t required to file a tax return doesn’t mean that you shouldn’t. Regardless of your filing requirement in a given year, you may still qualify for a refund.
For example, you may qualify for certain credits such as the Earned Income Tax Credit. But keep in mind, even if you qualify for a refund, the only way to receive one is if you file your taxes.