I don't really know much about tax returns and why we have to file them. haha. I'm a student and this year i worked part time for about 7 months. I didn't work much and i think i made only about $2,000. A little info about this would help. thanks!
2007-10-20 22:05:42 · 3 answers · asked by jackSprckk 3 in Business & Finance ➔ Taxes ➔ United States
Filing taxes for the individual is so that you can make up the difference between what was taken out of your paycheck over the course of the year, and what you actually owe.
If you owe less, you get a refund. If you owe more, you have to pay it in. You should file your taxes every year, especially if you only made a little money because it's more likely that you'll be owed a refund.
Also, not filing your taxes in a year means that the next year might be more difficult to file (the IRS might require your previous years' information to give you your refund from later years).
2007-10-20 22:12:32 · answer #1 · answered by Captain Ron 4 · 1⤊ 1⤋
When people work they pay federal and state taxes. Taxes is based upon the 16 amendment of the US Constitution. Collected taxes is how governments are able to provide services to the people. Even though you may not be require to file taxes because of your income still file because you will probably get all of your tax withholdings back. Do not forget your state taxes either.
2007-10-21 02:17:04 · answer #2 · answered by Gary 5 · 1⤊ 0⤋
If you only made about $2,000 and you had income tax withheld, you should file a simple 1040EZ to get your refund as soon as you get your W-2 and any 1099s in January. It is easy enough to do yourself.
2007-10-20 22:12:48 · answer #3 · answered by mattapan26 7 · 1⤊ 0⤋