Taxes are important parts of operating a business. Accordingly, the most crucial step of the entire tax procedure is probably the filing of the tax returns. These tax returns must be filed and submitted before the relevant deadline. Failure to do so might result in hefty penalties.

So, does everyone need to file a tax return? Or, are there any exemptions? In short, who needs to file a tax return? Firstly, no, not everyone is needed to file a tax return. However, this depends on many exemptions. Even exemptions have exemptions. Nonetheless, in general, if the total income of a person does not exceed certain thresholds set by the IRS for that year, that person is not required to file a federal tax return. These thresholds differ every year or depend on type of income, your age and your filing status. Or if a person only receives Social Security benefits, that person again does not need to file a tax return in most cases, which means there are exemptions on this one as well.

You could use the IRS’s test to decide whether you are required to file a tax return, or you could always consult with us.

Please find the link for the IRS test here.

If you have any further questions, please do not hesitate to contact us via [email protected]. You can also reach us at +1 (302) 803-9501. We are always glad to help you!