If your earnings are above a certain level, you are required to file returns which are usually dependent on the status of you filling, the type of the returns that you receive and also your age. Visit the individuals section of the IRS website and look from the instruction form for specific details that will help you decide if you really need to file tax returns with the IRS or not. It is also advisable to use the interactive tax assistance also on this website to determine whether you are required to file these returns.
The ITA is more of a tax resource that takes you through several questions giving you an opportunity to get responses from tax lawyers and also advice. If you are not sure if you really need to file these returns, call strategic tax lawyers and we will advice you accordingly. If the IRS requires you to file returns and you fail to do so, your unpaid taxes will result to the application of levies on your assets.
There are several situations when you have to file returns even when you are not required to do so. Even if you feel like you are not required to file returns, here are several reasons why you may have to do so.
- You should file returns to get back your money incase federal income tax was withheld from your pay, if you might have made estimated tax payments, or you had a previous year of over payment applied to this year’s tax.
- Making work pay credit. If you had earned income from work, you must be able to have this credit. The limit of this credit for a couple is between 800 dollars and 400 dollars for any other tax payer.
- Earned income tax credit. You might be eligible for this if you have been working and did not earn too much. This is a refundable tax credit meaning that you could possibly qualify for a refund.
- Additional child tax. This is a refundable only available if you have one eligible child and you had not received the total amount of the child tax credit.
- American opportunity credit. The highest credit for every eligible student is 2500 dollars in the first 4 years of college education.
- First time home buyers credit. This credits ceiling is 8000 dollars if you are a married couple or 4000 dollars if you are filling individually
For more about these filling necessities and qualifications for exemptions visithttp://www.irs.gov.
At Strategic lawyers, we will assist you withal of your IORS tax related situations. If you are in dire need of getting the best deals out of these tax exemptions or you simply want to know how you tax image looks like, don’t hesitate to give us a call for free consultations and a quick evaluation of your tax records.
You can also get all what you want to know concerning IRS State and Income tax. if you don’t really understand how your state operates, do a quick google search with the keyword IRS taxes