You can either deduct or amortize start up expenses once your business begins rather than filing business taxes with no income. For example taxpayers can qualify for the earned income credit if they earned income from wages or self employment during the tax period in question.
can you file taxes if you had no income
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If you made no income of any sort whatsoever youre not required to file.
Can you file taxes if you had no income. Whether or not you need to file taxes with no income depends on your situation. Can i claim my child on taxes if i have no taxable income. Can someone who hasnt worked get a tax refund.
Although you can file tax returns with no income you dont always have to. It may seem counter intuitive that you may still be eligible for a tax refund even if you did not earn any money. Since you have a dependent you could qualify for one of the many irs refundable credits.
However there is a difference between not claiming your child because you have no taxable income versus not having. One of the tax benefits of having children is that you can claim them as dependents and claim exemptions for each one of them on your return. If you have zero income it is likely that you did not pay any taxes during the taxable year.
Consult irs publication 17 or call the irs at 800 829 1040 to speak with a tax law specialist. Typically you get a tax refund because your income tax withholding from your paycheck exceeds your taxes due. Youre paid upon completion of your work.
However if you had no income you may not have to and i would have to know a little more about your financial situation to determine whether you should file one or not. There are some limited circumstances when you may be able to get money back from filing your taxes even when you had no income. Even if you earned income last year if it falls below the irs minimum you dont have to file a tax return.
But even if you havent worked it. You can always file an income tax return. You may want to file even if you dont have any income and the simplest form for filing is form 1040ez.
The minimum varies according to your age and filing statuswhether you are single head of household filing jointly with your spouse or you can be claimed as a dependent on someone elses taxes. If your income during the tax year falls below the irs minimum requirements youre not required to file a tax return. The minimum amount to file taxes varies depending on age filing status and other household income.
In general if you make money then you have to file taxes. If it exceeds the minimum you must file. If you are in doubt i would suggest talking to a local cpa or find other local tax help.
If you were actively engaged in your trade or business but didnt receive income then you should file and claim your expenses. Taxes are not age dependent. In some cases parents are allowed to fold the income of their minor children into their own tax returns.
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