Daffodil International University

Faculties and Departments => Business Administration => Business & Entrepreneurship => Accounting – The Language of Business => Topic started by: fahmidaemran on October 17, 2018, 05:17:14 PM

Title: Does Everyone Need to File an Income Tax Return?
Post by: fahmidaemran on October 17, 2018, 05:17:14 PM

Does Everyone Need to File an Income Tax Return?


For 2018, all taxpayers are eligible to claim a standard deduction, and if not the dependent of another taxpayer. The standard tax deduction amounts are fixed by the government before the tax filing season and generally increase for inflation each year.

Your income that is equal to or less than the standard deduction is not taxable, the IRS doesn't require you to file a return in years your income doesn't exceed that sum. When determining whether you need to file a return, you don't include tax-exempt income. In 2018 for example, if you are under age 65 and single, you must file a tax return if you earn $12,000 or more, which is the 2018 standard deduction for a single taxpayer.



Source: https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW