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Tuesday, March 1, 2011

Do you need to file a Tax Return?

There are times when you do not need to file a tax return, due to a variety of reasons one of which being your income is below the filing requirement. It is always advised to file in the case that you will receive a refund, in many cases due to withheld income tax.
A few questions to ask yourself when determining whether or not you need to file:
-        Does anyone claim you as a dependent?
-        What is your filing status – single, married, widowed, etc?
-        Are you under or over the age of 65?
-        Is your gross income less than $9,350?
-        Will you owe social security and Medicare tax on tips you did not report to your employer?
-        Will you be subject to Alternative Minimum Tax (AMT)?
The IRS rules, exemptions and forms can be overwhelming. For most people the best way to make sure you filing properly is to meet with an accountant Granada Hills. I am licensed and trained to help you decipher confusing tax rules and code and help make sure you receive a refund or pay the least amount of taxes based on your individual situation.
Consider your situation and give me a call (818)368.5374. I am here to answer any questions or help you in the process of filing your 2010 tax return.

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