CHARLOTTE, N.C. — We are less than two weeks away from that tax deadline. You have until April 18 to file your federal income taxes, as that deadline is approaching, we continue to answer your questions.
The tax experts we've spoken to these past few months tell us a common misconception is people don't think they make enough money to file taxes.
THE QUESTION:
Does everyone who is employed required to file taxes?
OUR SOURCES:
THE ANSWER:
No, not everyone who is employed needs to submit that 10-40. People who are under a certain salary threshold aren't required to; however, tax experts say you should check to see if you can get any money back, which would make filing your taxes worthwhile.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
WHAT WE FOUND:
According to the IRS, if your salary is below a certain threshold, you are not required to file your taxes. In 2021 the minimum annual income for single filing status, if under age 65, is $12,550
If you are married filing jointly, the minimum for filing is $25,100 if both spouses are under 65
- Head of household is 1$8,800 if under age 65
- Qualifying widower is $25,100 if under age 65
"A lot of people work, and they don't make enough money to have to file a tax return," Steber said.
Chief tax information officer Mark Steber said although those people may not have to file, they should still consider it because they could get some money back from tax credits.
"You might not have a filing requirement, but you could have a filling opportunity to get that money and each year, 1 million people forgo about a billion dollars in uncollectable tax-related money," Steber said.
So how do you know if you'd be leaving money on the table if you didn't file your taxes? If you go to the IRS website, you can answer questions that will let you know if you should file. Steber said you could also speak with a tax specialist.
Contact Meghan Bragg at mbragg@wcnc.com and follow her on Facebook, Twitter and Instagram.
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