It will depend on several factors, including gross income, filing status, age, and whether you’re a dependent on someone else’s federal income tax return. And you may have to file even if you don’t owe any tax.

To get more specific information on filing requirements, refer to IRS Pub. 501 

You’ll also need to file a return if you had at least $400 in self-employment earnings 

There are five: single, married filing jointly, married filing separately, head of household and qualifying widow(er) with dependent child.

Your filing status affects your tax rate, standard deduction, and eligibility for certain deductions and credits.  

For a detailed list refer to IRS Pub. 525

A dependent is a person you’re responsible for supporting. If you can claim a dependent, you can become eligible for certain tax breaks, including the child tax credit. You may also qualify for head-of-household status.

• If you have a qualifying childyounger than 19, or under 24 if they’re attending school full time. Your child must either live with you for more than half the year — or qualify for an exception — and must not provide more than half their own support. Your child also can’t file a joint tax return, except to claim a refund.

If you have a qualifying relative. Your qualifying relative either must share a specific family relationship with you or must live with you all year long. You must provide more than half their support, they can earn very little, and they can’t be claimed as a dependent by anyone else.

Currently, there are seven tax brackets under current tax law. To find out which one you are in, you’ll need to know your income and filing status from FAQ 2. You can then use IRS Tax Rate Schedules for the taxable year to determine your bracket, what your marginal tax rate is, and how much tax you might owe.

Refer to IRS Pub. 15-T for a detail of tax brackets

You have a choice between taking a standard deduction or itemizing your deductions. When you itemize, you can deduct mortgage interest, limited state tax, & qualified charitable contributions it they total more that the standard deduction listed below.

To decide which deductions to take, compare the value of the standard deduction versus the total value of your itemized deductions. For 2021, the standard deduction amounts are:

$12,550 if you file as single or married filing separately

$18,800 if you file as head of household

$25,100 if you file as married filing jointly

Both tax credits and tax deductions can reduce the amount of tax you must pay. Deductions reduces taxable income to reduce tax at your current tax rate.  Credits directly reduce the amount of tax you owe.

For example, assuming you are in a 25% tax bracket with $10,000 deduction vs a $10,000 credit.  The $10,000 deduction with reduce income by $10,000 times 25% tax rate would lower tax by $2,500.00.  While a credit does not reduce taxable income, it directly reduces income tax by the full $10,000.

Here are some deductions that you can claim even if you don’t itemize.

• Contributions to individual retirement arrangements, including IRAs, SEP-IRAs, Simple IRAs and solo 401(k)s (these phase out at higher incomes)
• 50% of self-employment taxes
• Student loan interest up to $2,500
• Tuition and fees for higher education up to $4,000 if you fall within income limits
• Health savings account contributions made with personal funds

Credits you may be eligible to claim.

• The earned income tax credit
• The child tax credit provides a credit of up to $2,000 per qualifying child for tax years 2018 to 2024. Eligibility begins phasing out at $200,000 in income for single filers and $400,000 in income for married couples filing jointly.
• A taxpayer caring for two or more dependents could claim a maximum child and dependent care credit of $6,000.
• The American opportunity tax creditprovides a maximum credit of $2,500 for qualifying educational expenses paid for eligible students. The credit is available only for tuition paid for the first four years of post-secondary education and there are income limits.
• The lifetime learning creditprovides a maximum credit of $2,000 per year for postsecondary educational costs. There are also income limits, and the credit is worth only 20% of qualifying expenses, up to a $10,000 maximum.

Annually, you required to file your federal income tax return for the previous calendar year on or around April 15. If the 15th falls on a weekend or holiday the deadline can be bumped to the next business day.

Most business tax returns are due on March 15^th, or the next business day.

Refund times can vary based on several factors.  Our helpful links page includes links to check refund status online. 

Even if you cannot afford to pay your taxes in full, it is still important you file tax a return and make arrangement to pay what you owe. Failing to file and/or pay your taxes on time will result in interest and penalties.

IRS has payment options that could help, including installment agreements. Keep in mind that you will still owe interest, and possibly penalties, even if you enter into a payment arrangement.