The question of the tax return is very common and its answer is also very easy. It is not necessary for everyone to file an income tax return each year. There is no need to file it if the total income of a person is more than the standard deduction with one exemption and the person is not dependent on someone who is a taxpayer. The type of income and the person’s age with filling status plays very important role on filing a tax return.
Gross Income Threshold
The claim of standard deduction is for every taxpayer which is fixed by the government. It is fixed before the season of tax filling and it increases because of inflation in a country.
The calculation of income is very important in calculating income tax return. The return is not filed if the … Read the rest....