Year after year, you are going to the IRS office, standing in a long queue and waiting to file your tax returns. But, in actual fact, should you not have an income, or your income is low enough for you not to submit your return, should you still file when you don’t have an income? This is the question that many people are asking when it’s time for filing taxes. Here are some things to consider that will make answering the question a lot easier:
Many people are saying that you should still file your tax returns, even if you don’t have an income or even if you don’t need to because of a lower income. Other people again say that if you have filed your taxes once, you should always do your tax return – even if you don’t have an income anymore.
But, what really is the truth? When you don’t need to file taxes because you don’t have any work, or you don’t get high enough salary you don’t need to file your tax returns. You can leave it until your salary increases, or when you have a job again. But, there are many people that are saying this isn’t as simple as that.
What can happen when you don’t file your taxes?
You should remember that there are hundreds of thousands of people each year who are filing their tax returns. And the IRS won’t just know that you don’t have an income anymore, or that your income isn’t high enough for filing taxes. They just see a red flag that you haven’t filed taxes for a year or two.
And, when you start filing your tax returns again after a couple of years, you are going to need to explain why you didn’t file previous years. You are also going to have all the paperwork at hand as proof that you didn’t have a job or that your salary wasn’t high enough.
Why it’s recommended to file your taxes, even with no job
If you are going to take the time each year to state that you didn’t have any work, and you’re doing your tax return and sending it back, you will make sure that the IRS is up-to-date about your situation. And, when you need to do your taxes again, you will know that you will not encounter any problems with unfiled taxes.
It is recommended that when you have already filed tax returns before, you should always file your taxes each year even if you are without work, or when you are getting a really low income. This is to ensure that you are always on the safe side.view more tips from http://www.thedailystar.net/business/nbr-launches-taxpayer-online-service-1305256
Tax returns are something that many people don’t really like doing. And, they are most definitely not going to stand in a long queue if they don’t need to. Many people are wondering if this is a good idea to leave the tax filing when you don’t have an income or when your salary are too low. It’s recommended that everyone, even those without work, should continue with filing their tax return each and every year.