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
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 email@example.com