There are multiple tax return types besides just the individual tax return, and there are different due dates and filing requirements as well–
If you have a corporation, you must file a corporate tax return (which is different from an individual tax return). Corporate tax returns are due the 15th of the third month after the corporation’s year end. In plain terms, a calendar year corporation must file by March 15th of each year (if the 15th is a weekend or holiday, then the return is due the next business day). For this year, the due date is March 15, 2017. Filing late, without extension, carries penalties.
Individual tax returns are due by April 15th of each year (if the 15th is a weekend or holiday, then the return is due the next business day). For this year, the due date is April 17, 2017. Whether you HAVE to file an individual tax return depends upon the following (but see further for reasons you may WANT to file even if not required):
– Filing status (single, married, married-filing-separately, or head-of-household)
– Age
– How much income you made
– What kind of income you received
If you are single, you usually must file a tax return if you earn over $10,000. Situations vary if you’re self-employed, or if you can be claimed as a dependent of someone such as a parent. Contact E. Daniel Miller, CPA, PC at (888) 734-3933 or tax@edanielmillercpa.com concerning your specific circumstances.
Also, you must file a tax return if you bought health insurance coverage through the federal or state health insurance marketplace, and you received advance premium payments of the tax credit–or if wish to claim the premium tax credit on your tax return.
But just because you don’t have to file a tax return doesn’t mean you shouldn’t file. Even if your income is below the filing requirement, you may have had federal or state taxes withheld from your pay, and you should therefore file to receive a refund. Further, you may want to file because you could be eligible for certain tax credits such as the the earned income tax credit or the premium tax credit. These are refundable credits, meaning the government will pay you money even if you had no taxes withheld. To learn more about your eligibility for these credits, contact E. Daniel Miller, CPA, PC at (888) 734-3933 or tax@edanielmillercpa.com.
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