Filing taxes may be very overwhelming for new taxpayers, especially if they don’t know if they’re within the income threshold to be filing taxes or not. Are there tax refunds or tax credits waiting to be claimed?

What Is The Minimum Income Threshold To File?

It’s very simple, if your income is below a specific threshold, you may not be required to file a tax return with the IRS. Here’s how much money you need to make to file taxes in 2022 (for the tax year 2021).

Age, filing status, income, and disability are all potential factors that will determine whether or not you are required to file a tax return with the IRS. Generally, if your total income for the year doesn’t reach specified criteria, you won’t need to submit a federal tax return.

As of the 2021 tax year, the minimum gross income requirements are:

  • Single and under age 65: $12,550

  • Single and age 65 or older: $14,250

  • Married filing jointly and both spouses are under age 65: $25,100

  • Married filing jointly and one spouse is age 65 or older: $26,450

  • Married filing jointly and both spouses are age 65 or older: $27,800

  • Married filing separately at any age: $5

  • Head of household and under age 65: $18,800

  • Head of household and age 65 or older: $20,500

  • Qualifying widow(er) under age 65: $25,100

  • Qualifying widow(er) age 65 or older: $26,450

Don’t Need To File A Tax Return? Here Are Some Reasons Why You Should Consider Filing

Even if you’re not filing a federal income tax return, there may be compelling reasons to do so. First and foremost, receiving a tax refund from the federal government. You may be eligible for a tax refund if any of the following situations apply:

  • Your employer withheld federal taxes from your paychecks by your company

  • You’ve made quarterly estimated tax payments

  • You overpaid last year’s tax liability

You are also eligible for tax credits only if you file a return. If you choose not to, you are unable to claim any earned income tax credit and various others such as:

A federal tax income tax return isn’t required for everyone. In fact, if your income doesn’t meet the income threshold, you do not need to file. However, if you overpaid your income taxes last year or qualify for federal tax credits, it may be worthwhile to file for a refund.

Resolve Your Tax Bills

If you’ve found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there’s a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!

How Simple Is Qualifying?

Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.

  1. Fill out some basic information about yourself and your back taxes here.
  2. Have a representative reach out to you to discuss your eligibility.
  3. Go through the enrollment process and finally reduce or eliminate your tax liabilities.