If you’ve filed taxes before, you probably know that some people don’t have to. However, there are many reasons why a tax return may be required. It could be because you make over a certain amount of income each year, or because of your age and marital status — the list goes on. Listed below are the most common reasons that a tax return may be required.
As you can see, each of these may require you to file a tax return with the IRS or your state tax agency. It’s best to double-check to make sure you do not get hit with an audit or owe any taxes after filing your return!
- You’re single and earned more than $9,350 in 2017.
- You’re married but file a joint tax return.
- You’re married and made less than $10,650 in 2017, but your spouse makes more than that amount.
- Your income was made up almost entirely of gambling winnings or lottery prizes.
- You have a second job in that you need to report on your taxes.
Why Do You Need To Submit a Self-Assessment Tax Return?
It is required to file a self-assessment tax return every year if you are not a citizen of the U.S.
If you have an income which is greater than $10,650, your state may also require you to file a tax return because of the personal income tax (PIT). Most states do not impose federal taxes on dependent adults who don’t make enough money to be required to pay their own taxes.
If you have a business, you may have to pay taxes based on the type of business and how much income it makes each year. If your gross income is greater than $400, but less than $600, you will most likely be required to file a tax return. If your gross income is between $600 and $3,500 and you are self-employed, you will also most likely be required to file a tax return at the end of the year.
Why Choose us for Self-Assessment Accounting Services?
Our tax return experts will help you find the most suitable method of completing your tax returns and ensure that you receive only the best service possible. We provide all UK taxpayers with discreet advice on completing their annual tax returns. We offer competitively priced service and aim to make the process of completing your tax returns as straightforward, stress-free, and cost-effective as possible. Our experts will prepare all the necessary information for you to submit, saving you a lot of time, money, and effort!
Tax Return Service:
Our specialists will provide high-quality and professional tax return services for all our clients. This includes carrying out tax returns where there has been a change in ownership or structure of the company. It can also include completing tax returns for new companies that have been set up. We will be able to help you with all your accounting requirements, including preparing and filing information returns and employment tax returns, as well as other IRS forms. We can also complete your payroll tax returns.
Contact us:
#152–178 Kingston Rd, New Malden KT3 3ST, UK
Timing:- Mon — Fri: 09:00–17:00
Phone:- 020 8191 9583
Email:- info@zahtaxaccountants.com