If you are a new retiree and are wondering how to go about getting your 2016 tax filing sorted out, look no further. Below you will find some advice about the various tax filing procedures and needs for retirees. Many factors come into play when calculating if you need to file your income tax return, your income for 2015 is one, the source of that income as well as your age and filing situation. You should always speak to a professional who provides advice for US tax preparation in Toronto Ontario.
IRS Tax Thresholds
Here is a quick rundown on the IRS filing needs for 2016. For the average Joe, this is pretty simple. You will only have to file if your 2015 total earnings were over a certain threshold, which changes based on varying factors. As was mentioned earlier, you really should speak to an advice giver for US tax preparation in Toronto Ontario in order to get a full picture of how the tax filing system works.
Below you will find a list of the thresholds, you will have to file if you earned anything over the following figures in 2015.
Single – $10,000
Married/filing jointly – $20,600
Married/filing separately – 4,000
Head of house – $13,250
Widower with dependent – $16,600
To get a full breakdown of all of the IRS thresholds for this year’s tax filing, as well as a comprehensive breakdown of taxable and nontaxable income, speak to your local IRS offices.
Special Requirements
Sometimes, different financial situations mean you have to file regardless of the previous year’s income. The IRS has an in-depth tool for this on their website, which will help you to work out any additional filing you will have to complete in order to finish your tax preparation. As always, speak to a professional should you have any doubts concerning tax advice.
