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Taxes On Rental Income Article
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Having a Minimum Income to File Taxes
from:When it comes to filing income taxes, not many people know that you must have a minimum income to file taxes. However, the government made it so that a person, whether they are single or married, must have a minimum income to file taxes.
Most often when people are working, they don't think of filing taxes. However, the government had even changed that. In fact, when it comes to making an income there is no way around paying taxes. Although, one good thing is that if you make such a small amount of money, you don't have to bother with filing the taxes. However, most people do file the taxes because there is always the possibility of getting a refund.
When it actually comes down to the minimum income to file taxes; the amount varies from state to state. However, the amounts are usually around the same ball park! Also, the minimum income to file taxes may change from year to year as well. The minimum income to file taxes in any given year is usually based on how much a person makes; under a certain filing status. When it comes down to the filing status, there are five different statuses; which are single, married filing jointly, married filing separately, head of household, and widow or widower with a qualifying child. Depending upon your ages or disabilities, the requirements may also be a little more lenient.
The IRS also uses certain standards to determine to amount of taxes a person pays so that they don't get bumped up to the next higher tax bracket. In the current year, if you were to file taxes, the minimum income to file taxes would be as follows:
• Single- if you are under 65 your income should be at least $8,450; if over 65 your income should be at least $9,400
• Married filing jointly- if you both are under 65 the income should be at least $16,900; both over 65 income should be at least $18,900; if one is over 65 and the other not then that one income should be at least $17,900.
• Married filing separately- no matter what the age, if filing separately, you must each file a return if each income is at least $3,300.
• Head of Household- if under 65 then income should be at least $10,850; if over 65 then income should be at least $12,100.
• Qualifying widow/widower with a child- must have an income of at least $13,600 if under 65; if over 65 the income should be at least $14,600.
No matter what happens, the reasons why you are filing; you must make sure that you know what you grossed. If you do not file when you made enough money, which could get you into real problems with the IRS!
Taxes On Rental Income Specific Links
Taxes On Rental Income News
Income tax back on the table (Chronicle-Tribune)
The local option income tax is up for debate again Monday in a second public hearing by the Grant County Council.
Read more...28.11.2008 - DJ DGAP-Adhoc: FranconoRheinMain AG: FranconoRheinMain AG increases rental income after nine months of ... (4investors)
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
Read more...DJ DGAP-Adhoc: FranconoRheinMain AG: FranconoRheinMain AG increases rental income after nine months of 2008 to EUR 8.6 ... (Financial.de)
FranconoRheinMain AG / Quarter Results 28.11.2008 Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
Read more...McGrath RentCorp to Acquire Adler Tank Rentals (Business Wire via Yahoo! Finance)
LIVERMORE, Calif.----McGrath RentCorp , a leading rental provider of modular buildings for classroom and office space, and electronic test equipment, today announced that it has agreed to acquire privately held Adler Tank Rentals for approximately $90 million.
Read more...Short sale of home might help to offset any capital gains (Orlando Sentinel)
Question: We recently sold our home in a short sale, which was a better decision than foreclosure. We paid $177,000 for the home, and we sold it for $130,000. We actually never had a chance to live in the house, but we did make payments for a year. Can we take a loss when we file our income tax?
Read more...