The tax return filing requirements for individual taxpayers depend on the taxpayer's gross income. True or False

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Business

Lyric Spence

1 January, 10:51

The tax return filing requirements for individual taxpayers depend on the taxpayer's gross income. True or False

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Pooch · Answer 1

True

Explanation:

First of all, your tax filing status affects your tax rates, the more you earn, the higher your tax bracket. On the other hand, if your income is very low, you might not even have to file your taxes. For example, if you are over 65 years old, and your income is less than the standard deduction ($12,200) you do not need to file your taxes. If your income is above a certain threshold, you might start losing some tax benefits and deductions, e. g. child care and tax credit.