Finding out How Much Money Do You Have to Make to File Taxes?
Finding out How Much Money Do You Have to Make to File Taxes?
There are many people who wonder if they really have to file taxes since they do not make very much money. Since taxes are so dreaded by most people, answering the question of how much money a person has to make to file taxes is an important one and is not answered in a single number. The number depends on different factors about the person’s life, such as how old they are, whether they are single or married, whether they have any children, and whether they are widowed or retired. All of these factors play into the amount of money a person has to make to file taxes.
Filing
When a person is single and under the age of sixty five years old, the individual must have made at least $8750 in order to have to file taxes for that year. If the person is over the age of sixty five before the end of the tax year, then the person will have had to make at least $10,050 in order to have to file taxes. These numbers are based on the amounts that were required for filing a 2007 tax return and will have changed slightly on the 2008 tax return, the information for which will be released in January of 2009 according to the IRS website.
When a person is married or living together with another person, and they are both under the age of sixty-five, the amount of money required to file taxes is $17,500 for filing a joint return. If one spouse is over sixty-five the number rises to $18,550, and if both are over sixty-five then it is $19,600. If they are filing a separate return at any age then the amount is $3400. If the couple is living apart at the end of 2007, then the amount is $3400 for filing a joint or a separate return.
If the individual is a head of household that has a child or relative in it, then the amount of money to file taxes is $11,250 if the head of household is under sixty-five. If they are over sixty-five then the amount is $12,550. If the person is widowed and he or she has a dependant child then the amount is $14,100 if they are under sixty-five and $15,150 if they are over sixty-five years of age. It is always important to double check these numbers with an accounting office to make sure the tax brackets have not changed for the year of 2008, as well as any other stipulations that the individual might need to be aware of in knowing how much money he has to make to file taxes.
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