Introduction

Each year, millions of people in the United States wonder whether they are required to file a tax
return. Whether you are an employee, independent contractor, or business owner, it’s
important to know when you need to file and what factors determine this obligation. Failing to
do so can result in penalties and issues with the IRS. In this article, we’ll explain the main
criteria that determine if you need to file taxes—and how to make sure you stay compliant with
your tax responsibilities.

1. Your Annual Income
The primary factor that determines if you must file taxes is the amount of income you earned
during the tax year. For 2024 (to be filed in 2025), here are some general income thresholds:
• Single, under 65 years old: Must file if you earned more than $13,850
• Married filing jointly: If your combined income exceeds $27,700
• Head of household: Must file if you earned more than $20,800
These amounts change each year and may vary if you are over 65 or if someone claims you as
a dependent.

2. Type of Income You Received
In addition to the amount, the type of income also determines whether you need to file:
• Self-employment income over $400 per year
• Payments from interest, dividends, cryptocurrency, or investments
• Rental income or royalties
• Income received from work without legal documentation or Social Security—this still
may require filing using an ITIN

3. If You Qualify for the Earned Income Tax Credit (EITC) or Child Tax Credit

Even if your income is low and you’re not technically required to file, you might want to—
because you could qualify for a refund if you are eligible for:
• EITC (Earned Income Tax Credit)
• Child Tax Credit
• Education tax credits

4. If You Are a Business Owner or Contractor

If you have an LLC, work for yourself, run a family business, or work with platforms like Uber,
DoorDash, or in fields like cleaning or construction, you must report your income—even if
you didn’t receive a 1099 form. This also applies if:
• You were paid in cash
• You don’t have a business bank account
• You didn’t issue formal invoices

5. Other Important Factors

You must also file taxes if you:
• Sold a home or property and made a profit
• Withdrew money from a retirement account
• Received government aid, unemployment benefits, or had a debt forgiven

Conclusion

Determining whether you need to file taxes isn’t always straightforward—but it’s essential to
avoid penalties and take advantage of possible tax credits. At Regio Management, we’re here
to help you understand your situation and guide you through the entire tax preparation
process—even if you need an ITIN or are just starting your business.

Executive Summary

1. You must file taxes if your income exceeds certain limits based on your age and filing
status
2. The type of income (self-employment, investments, rentals) affects your filing obligation
3. You can file even if not required, to receive refunds or tax credits
4. Self-employed individuals and business owners must always report their income
5. Regio Management can help evaluate your case and file properly to avoid IRS issues
Not sure if you need to file?
� Call Regio Management at (813) 570-9000 or visit regiomgmt.com to receive personalized
guidance in Spanish