Filing Federal Taxes in 2025: Income Thresholds & Who Must File

Table of Contents
1. Why Filing Your Federal Tax Return Matters
2. 2025 Income Thresholds by Filing Status
3. Special Filing Situations
– Self-Employment Income
– Dependents & Students
4. What Happens If You Don’t File
5. How Maytor Business Solutions Can Help
6. Frequently Asked Questions (FAQs)
7. Next Steps & Contact Information

1. Why Filing Your Federal Tax Return Matters
Even if your earnings are modest, filing a federal return can unlock valuable benefits:
– Earned Income Tax Credit (EITC): Potentially thousands of dollars back.
– Additional Credits & Refunds: Child Tax Credit, education credits, over-withheld payroll taxes.

Failing to file when required may result in:
– Late-filing penalty: Up to 5% of unpaid tax per month, capped at 25%.
– Interest charges: Accrue daily on any balance due.
– Delayed benefits: Social Security credits, refundable credits, and loan approvals.

2. 2025 Income Thresholds by Filing Status
You must file a 2025 federal tax return if your gross income meets or exceeds the amounts in the table below:

Filing Status | Under Age 65 | Age 65 or Older
——————————- | ———————| ———————
Single | $13,850 | $15,700
Married Filing Jointly | $27,700* (both <65) | $29,600* (both ≥65)
Married Filing Jointly | | $28,650* (one ≥65)
Married Filing Separately | $5 | $5
Head of Household | $20,800 | $22,600
Qualifying Surviving Spouse | $27,700 | $28,650

*Subject to IRS adjustment; confirm with official IRS tables.

3. Special Filing Situations

3.1. Self-Employment Income
– Threshold: Net earnings of $400 or more.
– Action: File Schedule C and Schedule SE. Make quarterly estimated payments if you expect to owe $1,000 or more in taxes.

3.2. Dependents & Students
– Earned vs. Unearned Income:
– If claimed as a dependent, you must file if unearned income (dividends, interest) exceeds $1,250 or earned income exceeds $13,850.
– Education Credits: American Opportunity Credit (up to $2,500) and Lifetime Learning Credit (up to $2,000).

4. What Happens If You Don’t File
– Penalties:
– Failure-to-file: 5% per month (up to 25%).
– Failure-to-pay: 0.5% per month (up to 25%).
– Interest: Charged daily on unpaid balances from the due date until paid.
– Statute of Limitations: The IRS generally has 10 years to collect assessed tax; refunds must be claimed within 3 years of the original due date.

5. How Maytor Business Solutions Can Help
Based in South Gate, CA, our team of Enrolled Agents (EAs) and Certified Public Accountants offers:
1. Free initial consultation
2. Document review and organization
3. Accurate e-filed returns
4. Quarterly estimate planning
5. Audit support and IRS representation

“Thanks to Maytor Business Solutions, I filed my taxes stress-free and received my refund in record time.”
— John R., satisfied client

6. Frequently Asked Questions (FAQs)

Q: If my income is just below the threshold, should I file?
A: You are not required, but filing can allow you to recover withheld taxes and access available credits.

Q: How do I report income from Uber, Airbnb, or other platforms?
A: Report such income on Schedule C and calculate self-employment tax on Schedule SE.

Q: What documents do I need?
– W-2 and 1099 forms (MISC, NEC, K-1).
– Proof of interest and dividend payments.
– Receipts for medical, educational, and charitable expenses.

7. Next Steps & Contact Information
Ready for a hassle-free tax season?
Schedule your free consultation today:
– Phone: (562) 396-1872
– Email: info@maytorbsinc.com
– Address: 8432 State St, South Gate, CA 90240
– Hours: Mon–Fri, 9:30 am–6:00 pm

Maytor Business Solutions – Your trusted tax partner in Southern Los Angeles.