• James D. Lynch

SHOULD YOU FILE A TAX RETURN WHEN IT'S NOT REQUIRED?

Taxpayers are required to file a tax return if their gross income exceeds certain thresholds (which vary based on the taxpayer's filing status). However, even if the taxpayer's income is below such thresholds, the taxpayer still may want to file a tax return. Reasons the taxpayers should file a return include:


● Expected refund: If you had federal income tax withheld from your income during the year, you could be due a refund. The only way to get a tax refund is to file a tax return.


● Refundable credits: A refundable credit is a tax credit that you can get as a refund, even if you owe no tax. You should file a tax return if you qualify to claim one of the refundable credits, such as the Earned Income Tax Credit, Additional Child Tax Credit, or American Opportunity Credit.