Tax returns are filed by individuals, corporations, partnerships, and other business organizations who have income and/or gain to report. Taxpayers who itemize deductions on their returns can deduct certain expenses such as mortgage interest, charitable contributions, and state and local taxes.
There are several ways to file a tax return: electronically using the IRS e-file system or through a professional tax preparer. Taxpayers can also file a paper return by mailing it to the IRS or dropping it off at an IRS service center. The deadline for filing a tax return is April 15th of the following year. You can also look over here to know more about tax returns.
Image Source: Google
Who Should File a Tax Return?
The answer to this question depends on your specific situation. Here are some factors to consider:
-Your marital status: Married couples must file jointly unless one spouse has income that would make them eligible to file separately. If one spouse files separately, that person can claim all of the applicable deductions and credits, subject to the limitation on Itemized Deductions discussed below. If both spouses file jointly, they can divide up the deductions and credits equally
When Should You File a Tax Return?
Tax season is almost upon us, and that means it’s time to start thinking about filing your tax return. Whether you’re self-employed or working for a company, you have to file a tax return if your income exceeds the threshold set by the IRS. Here’s everything you need to know about filing a tax return:
You have to file a tax return if your income exceeds the threshold set by the IRS. The 2018 taxable income limit is $126,200 for individuals and $315,000 for married couples filing jointly. If your income falls below these amounts, you may still be required to file a return if you have any net investment income (such as dividends and interest).
