Filing taxes is a necessity, especially if you’re living in the US. If you don’t want the Internal Revenue Service (IRS for short) visiting you then, YOU MUST. Be informed also that there are exemptions, meaning not all people (and in this case, US Citizens) are required to file their taxes, a case which works perfectly for those whose income DOES NOT exceed the minimum tax threshold and/or for those who have no income at all. However, filing taxes has its advantages, too.
Unknown to some taxpayers, the IRS doesn’t audit taxpayers more than three years a day after their taxes has been filed (most people file their taxes on April 15 every year). Even though there’s a very small chance that they’re going to audit you within those three years, you don’t need to worry as long as your income rate isn’t taxable. Aside from that, if you file your tax even if you don’t earn/have minimum income, there’s a small chance that you could claim REFUNDABLE TAX CREDITS, depending on your personal income assessment.
Reporting Zero Income – For Beginners
If you think that you are somehow qualified, you can file your zero income by filling up either one of these three forms.
- 1040EZ – this is the shortest and simplest tax form for you to answer. Those who have no income mostly fill these.
- 1040 and 1040A – depending on your choice, filling up either one of these forms could earn you refundable or non-refundable tax credits, depending upon the IRS assessment.
Be informed, however, that the IRS can still audit your earnings ANY TIME within three years after you file your tax income.