Do I Still File a Form 1040 if my Income is Only $10,000 ?

Every U.S. taxpayer wonders, "Do I really need to file a tax return each year?"

In my opinion, you should file every single year, even if you owe no federal taxes.

In this video, I discuss the rules and some common examples which demonstrate why you should always file a Form 1040.

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#IRS #Taxes #Form1040

[riffrafferty]

Its always good to file ur taxes no matter the income. It is good for credits that u need to draw social security when u get to the age to be eligible for it. I think every 1500 dollars give u one credit and a total of 4 credits can be earned for a yr of wage. Not saying u will draw a lot of money from social security just because u have all the credits but it would be better than not filing at all. Unemployment income does not count toward your social security credit though.

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How do people find out about this information and if it applies to them?

Because I feel like I would have no clue about what boundaries I cross (or don't cross) when it comes to taxes. I would just be ignorant to most tax information until it bites my behind or if I studied/got help from a professional. Is there a tax bible or something that makes all this clear or mostly tax forms that you need to categorize yourself into?

[Blkmermaid]

I have a small question. If you do not make more than the standard deduction does it mean you are not able to get it? Therefore would your taxable income be what ever your income is? Such as if you made 10k does that mean your taxable income would be 10k? Does it mean you only pay the first 10% tax bracket and then the couple hundred in the second tax bracket? It has me a little confused mostly just the standard deduction.