Do I Need to File a Tax Return This Year

United States citizens are required to file a federal income tax return if income is above a certain level, which varies depending on filing status, age and the type of income. To find out if you need to file, you can check the Individuals section of the IRS website at www.irs.gov.

However, perhaps the easiest way to determine whether you need to file a tax return is to contact your PRO-TAX Professional Preparers - click Here for locations. We would be happy to help you determine whether you’ll need to file this year. To get you started with information about gathering your important documents, please click Here for a Pre-Visit Checklist. You also may call us with questions or to set up an appointment at 1-800-809-2829.

The IRS 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.  As general information, even if you don’t have to file for 2011, here are six reasons why you may 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.

…And remember, a Credit when earned, means money for you even if there are no taxes due!

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