June 2, 2020

Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation.

Tax time is one of the most important times of the year for many Americans, but not everyone needs to file their taxes each year. If your income does not exceed a certain threshold, you may not be required to file a tax return. Here are a few things to consider if you’re wondering whether or not you qualify to avoid filing taxes with the IRS. 

Review your total income for the year. Consider the standard deductions that you qualify for on your tax return. The standard deduction as well as other available deductions can reduce your total taxable income causing you to have a low enough income that doesn’t require you to file. If you earn less than $12,200 you are not required to file a tax return. If your income increases in the future, you may need to file. 

Income thresholds for taxpayers 65 and older.  If you are at least 65 years old, you may qualify for an increase in your standard deduction, here are factors that could get you to qualify:

  • You are blind
  • Your spouse is also 65 or older
  • Your spouse is blind

Qualifying for a larger standard deduction allows you to have more income placed on your tax return and still not have to file a tax return.

Dependents may need to file a tax return. For taxpayers that are claimed as a dependent on someone’s tax return, it is important to be aware that they are subject to different IRS requirements. A tax return may be necessary if their earned income is more than their standard deduction. 

If you need tax help, contact us for a free consultation.