There is no exact time frame for when a person must file taxes unless his income is above a certain threshold. Consult the tax forms for the appropriate year or the IRS website for information on whether income is high enough to require filing.Know More
It is recommended to file a tax return every year to avoid fees and penalties if the filer is likely to owe money. The IRS is more likely to search for a company or business owner rather than an ordinary citizen because businesses are more likely to owe taxes.
The IRS has recommended filing every year whether a person owes taxes or not because the IRS sometimes owes him money. After three years a tax refund is unable to be claimed.Learn More
Technically, a consumer can start preparing to file his income taxes as early as the first of January. This can be done if the individual has his final paystub for the prior tax year along with any additional documents that are necessary to his return.Full Answer >
The first income tax in the United States was implemented in 1861 to help the federal government cover the costs of the Civil War, according to the Library of Congress. This tax was repealed 10 years later, and after several variations was eventually replaced by the 16th Amendment to the U.S. Constitution, which allowed the government to collect an income tax as a source of federal revenue.Full Answer >
According to Kelly Phillips for Forbes, several factors impact the necessity of filing income taxes: dependent status, age and income. These factors and thresholds change as often as once per year and may be different between the state and the federal government. Phillips suggests consulting a tax professional for advice.Full Answer >
The minimum income requirement for filing a tax return is the standard deduction for that year plus the deduction for one dependent. Because the exact amount for these deductions changes each year, so does the minimum income requirement.Full Answer >