How do I know if I owe taxes?

In Arizona, understanding if you owe taxes depends on your filing status, income, and other factors. The best way to know if you owe taxes is to consult with a tax professional. They are knowledgeable about the state and federal tax laws and can help you determine if you owe taxes or if you qualify for any tax credits, deductions, or other benefits. Generally, if you earned more than a certain amount of income for the year, you will likely owe taxes. Everyone who works in Arizona must file a tax return or pay taxes even if you had no income. Usually, if you received wages, you should file a tax return if you earned over the minimum threshold. The minimum threshold changes from year to year. If you earned any self-employment income, such as independent contractor income, royalties, or commissions, you are required to file a tax return and pay taxes on the income no matter the amount. Additionally, if you had any investments such as stocks, bonds, or rental properties, you must report the income and could owe taxes. If you are unsure if you owe taxes, you should speak with a tax professional or review your tax documents. They can help you understand the tax laws in Arizona and whether or not you owe taxes.

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