September 24, 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.

With this year coming to an end, it’s time to start preparing for tax season next year. If you’re a first time tax filer or you’re filing on your own for the first time, it can be intimidating and you may even be unsure of what information you may need to provide to the IRS. 

Do you need to file a tax return?

The first thing a taxpayer needs to know is whether or not they need to file their taxes. The answer to this question depends on whether or not your income hits a certain threshold. If you earn less than the standard deduction amount when filing your taxes; $12,200 for those filing single, $18,350 head of household, and $24,400 if you filed married filing joint, then you may not need to file your taxes.

For those who are self-employed, you will need to file a tax return if your net self-employment income is $400 or more. You will also need to report any income that was reported on a 1099-Misc.

Others who may not need to file their taxes include:

  • U.S. resident aliens who need to file tax returns
  • Spouse or dependents of a U.S. citizen or resident alien
  • Nonresident aliens with a tax filing requirement

The U.S. government issues social security numbers to citizens, which employers can use when reporting taxes they withheld.

If you are applying for a visa and immigrating into the U.S., you may also apply for a social security number.

What’s an Individual Taxpayer Identification Number?

If you don’t have a social security number and you have to file your taxes, you can file by using your Individual Taxpayer Identification Number (ITIN).  Your ITIN is a nine digits and is similar to a social security number, but not the same. 

You can apply for an ITIN by:

  • Filling out a W-7 form
  • Proof of identity
  • Foreign status documents
  • Prove that you need an ITIN

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