As the tax season starts nearing, many of us go on the web to find out all the tax related queries. There are a number of questions that pop into our head about taxes. If you are new to filing taxes and tax returns, there are certain things you should know about them, and if you really have to file them.

As per IRS, there are three factors that determine if you need to file taxes or not. The factors include age, income, and filing status of a working professional. If you do not have to file taxes based on these factors, you will have to file them if you receive an Advanced Premium Tax Credit to assist your health coverage if you have invested in an insurance.

Income is not only the money you earn as a wage-earner or a salaried professional, it is also the money you get from other sources. The money you make from your job is the earned income, and the money you make from other sources, such as unemployment compensation, taxable social security income, unemployment compensation, and other monetary gifts, are a part of your unearned income. You are required to pay taxes on your gross income.

For filing taxes in 2018, you will need to report the income and deductions for the previous year. This includes the income you received in 2017 and not the income you received in 2018. You need to report the income you receive in 2018 in 2019. You need to have a minimum income which is required to file for taxes.

You don’t have to file taxes this year just because you earned a salary in the previous year. Read to know whether you are eligible to file for taxes or not. The information given below will give you a broad idea of the minimum income that is required to file taxes.

• If your filing status is single, and you are under 65 years of age, then your gross income should be minimum $10,400 to file taxes.
• If your filing status is ‘married filing jointly’, and both of you are under 65 years of age, then your gross income should be minimum $20,800 to file taxes.
• If your filing status ‘married filing jointly’, and any one of you is 65 years of age or older, then your gross income should be minimum $22,050 to file taxes.
• If your filing status is ‘married filing jointly’, and both of you are under 65 years of age or older, then your gross income should be minimum $23,300 to file taxes.
• If your filing status is ‘married filing separately’, and you are of any age, your gross income should be minimum $4,050 to file taxes.
• If your filing status is ‘head of household’, and you are under 65 years of age, then your gross income should be minimum $13,400 to file taxes.
• If your filing status is ‘head of household’, and you are 65 years of age or older, then your gross income should be minimum $14,950 to file taxes.
• If your filing status is ‘qualifying widow(er) with dependent child’, and you are under 65 years of age, then your gross income should be minimum $16,750 to file taxes.
• If your filing status is ‘qualifying widow(er) with dependent child’, and you are 65 years of age or older, then your gross income should be minimum $18,000 to file taxes.

The gross income includes the following.

• Any income received from international sources
• Income received from selling your primary home
• Gains (excluding losses) reported on Schedule D, and
• Business income (including losses) reported on Schedules C or F

The information mentioned above is applied if no one else has claimed you on their federal income tax return. If someone else claims you as a dependent on their filing, the rules change accordingly.
Here are some basic guidelines that are mentioned below for clear understanding.

• Single dependents under 65 years of age and not blind must file a federal income tax return if their unearned income was more than $1,050, or if their earned income from a known source is more than $6,350.
• Single dependents over 65 years of age or blind must file a federal income tax return if their unearned income was more than $2,600, or if their earned income was more than $7,900.
• Single dependents over 65 years of age and blind must file a federal income tax return if their unearned income was more than $4,150, or if their earned income was more than $9,450.
• Married dependents under 65 years of age and not blind must file a federal income tax return if their unearned income was more than $1,050, or if their earned income was more than $6,350. If their spouse file for a separate itemized deductions and return, then they must file a federal income tax return if their gross income is minimum $5 and more.
• Married dependents over 65 years of age and or blind must file a federal income tax return if their unearned income was more than $2,300, or if their earned income was more than $7,600, and it will be a gross income of minimum $5 if their spouses have filed for a separately itemized deductions and return.
• Married dependents over 65 years of age and blind must file a federal income tax return if their unearned income was more than $3,550, or if their earned income was more than $8,850, and their gross income was minimum $5 if their spouses file a separately itemized deductions and return.

Before filing taxes and tax returns, it is important to check all IRS guidelines to stay informed.