When Should You Start Paying Taxes
Benjamin Franklin once said, “There are two things certain in life, death and taxes.” At some point in your life, you will be required to start paying taxes, so it is important to know when that times come so you can complete a tax return.
Completing a tax return can be an overwhelming experience, so it is important to know the laws and requirements of completing taxes. Not every individual is required to fill out a tax return. It will depend on your age and how much money you have made within that year. If another individual can claim you on their tax return, they must include you if you made more than $5950. If you are self-employed, you must file taxes if you earned more than $400.
If no one else can claim you on their tax return at the end of the year, you are required to pay taxes if you are single and make more than $9750 annually. If you are married and filing separately, you need to file if you made more than $3800 last year. If you are married and filing jointly, you must file if you individually made $20, 650 or if you and your spouse made $21,800 together. You are not permitted to use your spouse as a dependent.
If you have any questions regarding whether or not you are required to file a tax return, it is important to seek the help of a tax professional in San Diego. No two situations are the same, and a certified professional can help you decide if your financial circumstances require that you file taxes. If you decide you will not be required to prepare a tax return, you might still want to research the laws in California for when you are finally required file taxes.
To learn more about when to file your taxes, reach out to R.A. Michael & Associates. We are the leading provider of tax consultation services in San Diego and we’ve been helping taxpayers since 1987. Call (844) 780-1100 today to schedule a free consultation.