How much money can I make before I have to pay taxes back to the IRS?

Question

I live in louisiana and so far year to date I am above 30,000. Some one said that when you hit 30,000 you have to pay when you file is this true?

Answer 1

The answer really depends on many other variables such as how much taxes been withheld from you pay checks, how do you file your tax return, your other income, your deductible expenses,etc.

Answer 2

Standard deductions is $5500, so anything after that is taxable. Now there are several things that mitigate this. For one whether or not you have dependents, or whether or not you have a mortgage,( the intrest is tax deductable.) If you have business expenses that you can prove or medical expenses above $3000 I think, then you can deduct those as well. The best thing you can do is see a CPA.

Answer 3

You should look at what Tom Cryer did in La. court. He got a ruling that states work IS NOT taxable! In the case of the USA versus Tommy K. Cryer! He got out of paying $78,000 in back taxes. July 11, 2007 the Jury found Tom not guilty on all counts of NOT paying $78,000 in taxes the IRS went after him for. His entire basis was work IS NOT taxable!

Answer 4

It depends on how much they are withholding from your paycheck.

If they are taking money out for Federal Income Tax each paycheck, and you did not lie on your W-4 (you claimed the proper number of dependents) you should have paid too much, and you should get a REFUND.

Answer 5

Stop listening to "someone".

Whether you have a balance due or refunds not only depends on how much you make but also on how much you had withheld.

I have see people who make $12,000 per year owe money and I have seen people who make over $100,000 get a refund.

Answer 6

It all depends on how much they've been withholding from your pay throughout the year. It also depends on if you have any extra deductions, i.e. interest from student or home loans, or tuition.