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:
- 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.
- 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.
- 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.
- 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.
- 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.