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Filing Your Tax Returns

Let us first see who has to file tax returns. This depends on three factors:
1. Filing Status
2. Age
3. Income

The following options are available for filing status:
1. Single
2. Married filing joint returns
3. Married filing separate returns
4. Head of the house
5. Widow or widower

Even if your taxes have been withheld across the year you need to file a return. This is used to calculate taxes accurately at the end of the year. You may have to pay more tax or may get a refund. Privileges are available to those over 65 years of age.

The tax system uses returns filed based on your gross income. This includes income from wages, goods, property or any other source. If your gross income is higher than a particular amount you need to file your return in. The return needs to be filed in once every year.

Even if your income is lesser than that required, it still makes sense to file a return. This is needed to get a refund on overpaid withholding or to claim credits.

Make sure you choose the right form when you file your return. This depends on the amount of detail required. After you have got your form the next step is calculating your taxable income. That is your gross income minus deductions and exemptions. Depending on your taxable income there are tax rates that you adhere to. This settles your tax bill for the year and you give the government its share.

Taxes

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