Tax Law (Questions About Taxes)/Personal Taxes

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Question
I have not been given a W-2 since 2008, when I last filed a return.  I have not filed taxes since 2008 because every year since then, my income has been way under $8,000, which I thought was the minimum threshold for having to file a tax return.  I am expecting a K-1 and W-2 for 2012 (my total personal income was $2,875.00 and no taxes were taken out of any of my checks).  Do I still need to file for 2012 if I know my income is again going to be way under $8,000?  I have not filed for an extension since 2008 either.

Answer
Sharon,

Thanks for your question.

It depends on your filing status, age, and the nature of your income.  If you are under 65 and single, you don't have to file if your income is under $9,750.  However, if your income is self-employment income you must file and pay self-employment tax if your profit from self-employment is $400 or more.

Hope this helps.

John Stancil, CPA  

Tax Law (Questions About Taxes)

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John Stancil, CPA

Expertise

I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

Experience

I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

Organizations
FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

Publications
The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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