The standard deduction, along with other available deductions, reduces your income to determine how much of your income is taxable. There is no way to access the money you have paid into Social Security prior to the age of As long as you filed your taxes on time, the IRS will send you a letter in the mail stating how much you owe plus any additional interest or penalties are due. Any year you have minimal or no income, you may be able to skip filing your tax return and the related paperwork. This claim, however, isn’t another notice you can shove in a drawer. Your Practice.