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Reading Material - Federal Tax Law |
| There was a time when there was no income tax. The taxing process graduated slowly to what it is now. At one point there was a question of the constitutionality of taxation. Taxes are a necessity. How else can a nation survive and prosper? This topic is your introduction to taxation. In it you will find the very basic tax principles that are necessary to prepare tax returns. Upon reading the material for topic 1, you will encounter almost every topic covered in the basic certification course including the mentioning of publications used in this course. Due to ethics and tax updates requirements that must be met, everything in the reading material matters (everything is game, fine print, help to taxpayers, disclosures and the various tax worksheets). |
| 2014 Filing Requirements for Most Taxpayers |
| If your filing status is single and you are under age 65 at the end of 2014 you would file a tax return if your gross income was at least $10,150. However, if you were single and 65 or older at the end of 2014 then you would have to file a tax return if your gross income was at least $11,750. |
| If you were head of household and under age 65 at the end of 2014, you would file a tax return if your gross income was at least $13,050. However, if you were Head of Household and 65 years old or older then you would file a tax return if your gross income was at least $14,600. |
| The filing requirements change a bit if you are married filing jointly. If you are a married taxpayer, filing a joint tax return and both you and your spouse are under age 65 at the end of 2014, then you must file a tax return if your gross income was at least $20,300. If you were born before January 2, 1950, you are considered to be 65 or older at the end of 2014. |
| Gross income means all income you received in the form of money, goods, property. Gross income also includes services that is not exempt from tax. You can include in the gross income calculations any income from sources outside the United States. Also any profit from the sale of your main home may be includable in gross income unless you qualify for the exemptions. If you qualify for the sales of your home exemptions then you must determines which amounts of the gain from the sale of your home are includable in gross income. |
| 2014 Filing Requirements for Dependents: |
| If your parent (or someone else) can claim you as a dependent, you must determine if you must file a tax return. Normally if your gross income was $3,950 or more, you usually cannot be claimed as a dependent. That is, unless you are a qualifying child of the person trying to claim you as a dependent. |
| In your determination if you must file a return if you are a dependent, you |
| Copyright © 2014 [Hera's Income Tax School]. All Annual Federal Tax Refresher Course rights reserved. |
| Revised: 05/31/15 |
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