if i make less than $5,000 a year do i have to file taxes
If I make less than $5,000 a year, do I have to file taxes?
Answer:
Whether or not you are required to file taxes when you earn less than $5,000 a year depends on several factors. In general, if your income is below the standard deduction amount set by the IRS, you may not be required to file a federal tax return. For example, for the tax year 2021, the standard deduction is $12,550 for single filers and $25,100 for married couples filing jointly. However, even if you are not required to file, there may be situations where it is beneficial to do so, such as if you had federal income tax withheld from your pay. It is always recommended to check the most recent guidelines from the IRS or consult with a tax professional to ensure compliance with the tax laws.