Does everyone need to file an income tax return?

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn’t exceed certain thresholds, then you don’t need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status. If you are looking for professional tax assistance, then E & Y Insurance Agency is the place for you! We can help you with your income tax filing, corporate tax filing, and provide expert tax assistance and tax preparation services! However, we encourage all of our Michigan clients to check out our home insurance, car insurance, and business insurance products.

Gross income thresholds

For 2019, all taxpayers are eligible to claim a standard deduction, and if not the dependent of another taxpayer. The standard tax deduction amounts are fixed by the government before the tax filing season and generally increase for inflation each year. Your income that is equal to or less than the standard deduction is not taxable, the IRS doesn’t require you to file a return in years your income doesn’t exceed that sum. When determining whether you need to file a return, you don’t include tax-exempt income. E & Y Insurance Agency can assist you with navigating the complicated waters of income tax filing and corporate tax filing.

What about insurance?

E & Y Insurance Agency can also assist Michigan residents in finding the best possible homeowners insurance, car insurance and business insurance. If you live in Troy, Birmingham, Rochester Hills, Madison Heights, Rochester, Royal Oak, Sterling Heights, Pontiac, or Auburn Hills, we can assist you!

Michigan residents who are looking for help with income tax filing or corporate tax filing should schedule a meeting with us today! Click here to fill out our contact form or contact us by phone at 248-671-6860.