Who is off the taxpaying hook?

[Chex]

Do you have to file a tax return? Maybe not.

While the Internal Revenue Service gets around 140 million returns a year, millions of Americans are exempt from this annual duty.

Before you wish you were among that group, however, take a look at just who typically does not have to file a 1040. http://finance.yahoo.com/news/who-is...190255976.html

Why the decrease? TPC analysts cite two key reasons, and one key reason why the people have a reason, both related to the economy.
First, the recession meant a lot of individuals didn't earn enough to file a return.

Second, to help those struggling in the recession, the president proposed and Congress agreed to stimulus measures that reduced their taxes.

Third they followed the law. Private Credit vs. Lawful Money.


More from Bankrate:
• Who has to file taxes?
• Choosing a tax filing status
• States with no income tax

View Comments (913)

[Anthony Joseph]

who is claiming i owe a debt?

[JohnnyCash]

I'm off the hook, although on its face you'd think I would owe:
http://jesse2012.com/my109912.jpg

Thankfully I discovered Redeeming Lawful Money!

[Anthony Joseph]

"non-employee compensation"

nothing wrong with that, on its own

[shikamaru]

Earning income is a presumption of taxes owed.

Possessing insurance ...
Having a bank account ...
... as well as other indices are presumed evidence of income and a debt owed to government as well.

[Anthony Joseph]

if one requires a verifiable claim of a debt due, on the record under oath or affirmation, then said presumptions can just be mistakes requiring correction

[shikamaru]

if one requires a verifiable claim of a debt due, on the record under oath or affirmation, then said presumptions can just be mistakes requiring correction

Uncle Sam wants the filer to verify the debt via a tax form .

The filer affirms the debt via their signature ... under penalty of course.

[Anthony Joseph]

correct, only a man or woman can verify a debt; why not require the 'IRS' notice/letter writer to do so?

[Chex]

If you bank at HSBC in England, ( no NOT just England, have a friend that happened to him in the united states) don’t plan on making any large cash withdrawals.

At least not without a good explanation. Or, maybe even a permission slip.

Prove it: Bank blocking some customers from making large withdrawals without ‘evidence’ of spending need. http://news.yahoo.com/blogs/sideshow...222425920.html

Started to read the replies like this

This happened to me in Buffalo NY at HSBC and at First Niagara. I had to withdraw 18,000 dollars in cash to pay for a home I bought at auction. We all know auctions are cash only, no checks or credit cards. They refused to give me my own money. so I did what any rational person would do. I asked for my account to be closed and for them to provide me with a cashiers check for my money. They then wanted to give me my withdrawal. But too late. I was already #$%$. I walked out the bank with my entire account balance of over 109,990 dollars in savings and also closed out all cd's and other financial products. When they ask you why you need your money, tell them to mind their own effin business and stick to banking, leave financial literacy to the consumer.

The best one is from Patrick the most replied one saying The nerve of these customers. You'd think it was their money. then the commemts

[salsero]

I'm off the hook, although on its face you'd think I would owe:
http://jesse2012.com/my109912.jpg

Thankfully I discovered Redeeming Lawful Money!

I do not want to presume - you did not pay any taxes, including FICA TAXES on the 2012 1099-MISC?
You simply redeemed lawful money on all checks relating to the total $79073? And this automatically includes not only federal income taxes but also social security and medicare taxes as well?
If this is the case, may I ask how did you back out the L56 - Self Employment taxes out of the 1040?