Income Tax Service For Individuals - Do you need to file a federal tax
return this year? Perhaps. The amount of your income, filing status, age and
other factors determine if you must file.
return this year? Perhaps. The amount of your income, filing status, age and
other factors determine if you must file.
Even if you don’t have to file a tax return,
there are times when you should. Here are five good reasons why you should file
a return, even if you’re not required to do so:
there are times when you should. Here are five good reasons why you should file
a return, even if you’re not required to do so:
1. Tax Withheld or Paid. Did your employer withhold federal income tax
from your pay? Did you make estimated tax payments? Did you overpay last year
and have it applied to this year’s tax? If you answered “yes” to any of these
questions, you could be due a refund. But you have to file a tax return to get
it.
from your pay? Did you make estimated tax payments? Did you overpay last year
and have it applied to this year’s tax? If you answered “yes” to any of these
questions, you could be due a refund. But you have to file a tax return to get
it.
2. Earned Income Tax Credit. Did you work and earn less than $51,567 last
year? You could receive EITC as a tax refund if you qualify. Families with
qualifying children may be eligible for up to $6,044. Use the EITC Assistant
tool on IRS.gov to find out if you qualify. If you do, file a tax return and
claim it.
year? You could receive EITC as a tax refund if you qualify. Families with
qualifying children may be eligible for up to $6,044. Use the EITC Assistant
tool on IRS.gov to find out if you qualify. If you do, file a tax return and
claim it.
3. Additional Child Tax Credit. Do you have at least one child that qualifies
for the Child Tax Credit? If you don’t get the full credit amount, you may
qualify for the Additional Child Tax Credit. To claim it, you need to file
Schedule 8812, Child Tax Credit, with your tax return.
for the Child Tax Credit? If you don’t get the full credit amount, you may
qualify for the Additional Child Tax Credit. To claim it, you need to file
Schedule 8812, Child Tax Credit, with your tax return.
4. American Opportunity Credit. Are you a student or do you support a
student? If so, you may be eligible for this credit. Students in their first
four years of higher education may qualify for as much as $2,500. Even those
who owe no tax may get up to $1,000 of the credit refunded per eligible
student. You must file Form 8863, Education Credits, with your tax return to
claim this credit.
student? If so, you may be eligible for this credit. Students in their first
four years of higher education may qualify for as much as $2,500. Even those
who owe no tax may get up to $1,000 of the credit refunded per eligible
student. You must file Form 8863, Education Credits, with your tax return to
claim this credit.
5. Health Coverage Tax Credit. Did you receive Trade Adjustment Assistance,
Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment
Assistance or pension benefit payments from the Pension Benefit Guaranty
Corporation? If so, you may qualify for the Health Coverage Tax Credit. The
HCTC helps make health insurance more affordable for you and your family. This
credit pays 72.5 percent of qualified health insurance premiums.
Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment
Assistance or pension benefit payments from the Pension Benefit Guaranty
Corporation? If so, you may qualify for the Health Coverage Tax Credit. The
HCTC helps make health insurance more affordable for you and your family. This
credit pays 72.5 percent of qualified health insurance premiums.
To sum it all up, check to see if you would
benefit from filing a federal tax return. You may qualify for a tax refund even
if you don’t have to file. And remember, if you do qualify for a refund, you
must file a return to claim it.
benefit from filing a federal tax return. You may qualify for a tax refund even
if you don’t have to file. And remember, if you do qualify for a refund, you
must file a return to claim it.
We're
here to help! For no obligation free consultation contact us today!
here to help! For no obligation free consultation contact us today!
(952) 583-9108, (651) 621-5777, (612) 224-2476,
(763) 269-5396, (818) 627-7315, (773) 599-7182, (404) 884-6903
(763) 269-5396, (818) 627-7315, (773) 599-7182, (404) 884-6903
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