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Getting your tax affairs in order is just a simple fact of life. But that doesn’t mean it’s easy or pain free.
There is a lot to know when it comes to filing taxes. Our complete guide for the 2021 tax year should help. (Ibuprofen sold separately.)
How Much Do You Have to Make to File Taxes?
Making more money is, in almost every way, a good thing. But it’s also true that the more money you make, the more taxes you’re required to pay — at least up to a point.
On the opposite end of the spectrum, you may be exempt from filing a federal income tax return if you don’t meet the IRS income threshold, which can change.
2021 Tax Year
You need to file a 2021 federal tax return by April 18, 2022, if your income exceeded the amounts listed below. (Residents of Massachusetts and Maine have until April 19.) In the last few years, we’ve enjoyed lengthy tax filing extensions because of the ongoing pandemic, but this year, the tax deadline is much closer to the typical April 15 deadline.
Single tax filers or married filing separate tax returns
- $12,550 if you’re under 65.
- $14,250 if you’re 65 or older.
Married filing jointly
- $25,100 if both spouses are younger than 65.
- $26,450 if one spouse is younger than 65 and the other spouse is 65 or older.
- $27,800 if both spouses are 65 or older.
Head of household
- $18,800 if you’re under 65.
- $20,500 if you’re 65 or older.
Qualifying widow or widower with a dependent child:
- $25,100 if you’re under 65.
- $26,450 if you’re 65 or older.
The best way to determine whether or not you need to file a tax return is to use the IRS’s free online tool, which takes about 12 minutes to get a definitive answer.
How Are Your Taxes Calculated?
All right, so you’ve successfully determined whether you’re required to file a federal tax return.
Now for the real fun: figuring out exactly how much you owe — or are owed.
Your taxes are calculated based on a range of personal details, like how much money you made…
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