Who Should File a Tax Return?

Who Should File a Tax Return?

Everyone’s situation is different when dealing with taxes. It may come as a surprise, but not everyone has to file taxes. Commonly, if your total income for the year doesn’t surpass the standard deduction plus one exemption and you aren’t a dependent to another taxpayer, then you don’t need to file a federal tax return. However, you should always consult with an accountant first; you could be eligible for a refund and not know it. In most cases, the source of your income, the amount of your income, your filing status, and your age determine whether you must file a tax return.

Here are a few additional things to consider when determining whether you should file a tax return:

  1. If you purchased health insurance through the Health Marketplace, you might be eligible for tax credit. You will need to file a return to claim this credit.
  2. If your employer withheld federal income tax, if you made estimated tax payments, or overpaid last year and had it applied to this year’s tax return you could be due for a refund. But you will have to file a tax return in order to acquire that money.
  3. If you earned less than $53,505 last year you could be entitled to a refund up to $6,269. If you qualify, file a tax return to claim it.
  4. If you have a child that qualifies for the Child Tax Credit and did not receive the full credit amount, you may meet the requirements for the Additional Child Tax Credit.
  5. If you or your dependent has been a student enrolled at least half-time for at least one academic period, you may be eligible for the American Opportunity Credit. You must complete Form 8863 and file a return to claim that credit.

Finding the right accountant to assist with filing your taxes is the first step to a possible refund.  Abedian + Totlian wants to help you with the refund process and assist in earning you the highest refund possible. Abedian + Totlian is a full service CPA firm offering accounting, tax, and business consulting solutions.

 

 

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