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Tax Tip Tuesday: Who Should File Taxes?

Tax season 2018 is officially in full swing and most American taxpayers are excited to file in hopes they will receive a refund this year. In 2017, the Internal Revenue Service reported that more than 128 million tax returns were e-filed for Tax Year 2016.

One of the pressing questions for taxpayers, especially young adults entering the workforce, is – should I file my taxes?

Who Should File 2017 Taxes

Dependents : Young adults who earned at least $6,350

Adults : Single, married, legally separated who made more than $10,400

Freelancers: If you’re a freelancer or working on a contract and you earned $400, then you need to file your taxes.

Homeowners : If you sold your home in 2017

Withdrawals from Retirement Accounts : If you’ve received distributions or excess contributions

No two taxpayers are alike. Some of you may have special circumstances that are more complex than others. But IRS.gov created the Interactive Tax Assistant to help taxpayers.

ITA is a tool that provides answers to general tax questions. Each question can be answered in a form of a quiz.

If you have questions for Tax Tip Tuesday, please send an email to tamika.cody@helloswfl.com

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