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Archive for January, 2012

Do You Have To File A Tax Return This Year?


You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.

To find out if you need to file, check the Individuals section of the IRS website at http://www.irs.gov. You can use the Interactive Tax Assistant that is available on the IRS website. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions. You can also check with E-File Florida for guidance.

Even if you don’t have to file for 2011, here are six reasons why you may still want to:

1. Federal Income Tax Withheld

You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.

2. Earned Income Tax Credit

You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit, which means you could qualify for a tax refund. To get the credit you must file a return and claim it.

3. Additional Child Tax Credit

This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.

4. American Opportunity Credit

Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.

5. Adoption Credit

You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child.

6. Health Coverage Tax Credit

Certain individuals who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a 2011 Health Coverage Tax Credit. Eligible individuals can claim a significant portion of their payments made for qualified health insurance premiums.

 

 

About E-File Florida
E-File Florida helps individuals and small business owners to lower their tax bills and maximize their tax refunds. We actually enjoy getting to know our clients and have built a solid reputation of delivering excellent personal service while maintaining the highest level of integrity within the tax preparation industry. We welcome the opportunity to make you a Raving Fan!

 

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Categories: Strictly TAXES!
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