Friday, January 18, 2013

Am I required to file Income Taxes?

 Not everyone is required to file taxes. If an individual's income does not exceed the standard deduction amount plus one exemption and he/she is not a dependant to another taxpayer, he/she may be exempt from the requirement to file income taxes.

 A person may not be required to file income taxes for 2012 tax year if their income is less than $9750. 

A dependant of another taxpayer is required to file taxes for 2012 if the dependant's  income is more than $5950.

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