Tag: Do you have to file business taxes if no income

Federal law doesn’t require you to file a tax return if you didn’t earn any money during the previous tax year. This might be the case even if you did earn some money but your earnings were less than the amount of that tax year’s standard deduction. So why bother filing a tax return if there’s no income left after you subtract the deduction? There are a few reasons you might want to do so, even if you don’t technically have to. For starters, you could be leaving money on the table. Here’s what to consider before deciding not to file a tax return. Also Read: Are Legal Fees Tax Deductible? Income Thresholds for Federal Taxes The amount of the standard deduction varies by filing status, and it’s usually adjusted each year to keep up with inflation. Every taxpayer is entitled to subtra...