Answers to Common Tax Questions

Do you have to file your taxes?

Chuck and Elaine Woodson help hundreds of people every year with their taxes. They are Enrolled Agents and their company Horizon Planning is busy with the tax deadline almost here.

They are used to answering tax questions, but what are the most typical queries they receive?

Here are the questions and brief answers from Chuck and Elaine:

Question: I'm retired and on Social Security. Do I have to file a tax return?

Chuck: The people who have to file are only the ones who have an income above the filing threshold, and even those people might end up with enough deductions not to pay any taxes. If Social Security is your only income, and it’s not above $50,000, you’re not going to have to file a tax return.

Question: I don't have enough money to pay my taxes. What should I do?

Elaine: If you have a large tax bill, or a small one, if you don’t have the money to pay all of it, pay some of it. You’ll get this bill (from the IRS). You’ll give a call to the number that’s on that bill and say, “I don’t have the money now but I think I could pay it within a certain length of time.” And they will generally work with you on that.

Question: When does my child have to file a tax return?

Chuck: If your child is making over $6,200, they may have to file a tax return.

Question: How long can I get to pay my taxes?

Elaine: You’ll have up to 72 months to make that payment with a payment plan.

Contact Us