Six Tips on Whether to File a 2015 Tax Return

Six Tips on Whether to File a 2015 Tax Return

We start filing Income Tax Return this week. We are trying our best to make this very complex process easy for our clients. This year we required more forms before we file taxes due to the Health Insurance requirements. I wrote in a previous newsletter about the new forms 1095 requirements.

This week one of my clients asked me if he should file a tax return. Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return

  1. General Filing Rules.  Whether you need to file a tax return depends on a few factors. In most cases, the amount of your income, your filing status and your age determine if you must file a tax return. For example, if you’re single and under age 65 you must file if your income was at least $10,300
  2. Premium Tax Credit.  If you enrolled in health insurance through the Health Insurance Marketplace in 2015, you may be eligible for the premium tax credit. You will need to file a return to claim the credit. If you chose to have advance payments of the premium tax credit sent directly to your insurer during 2015 you must file a federal tax return.
  3. Tax Withheld or Paid.  Did your employer withhold federal income tax from your pay? Did you make estimated tax payments? Did you overpay last year and have it applied to this year’s tax? If you answered “yes” to any of these questions, you could be due a refund. But you have to file a tax return to get it.
  4. Earned Income Tax Credit.  Did you work and earn less than $53,267 last year? You could receive EITC as a tax refund, if you qualify, with or without a qualifying child. You may be eligible for up to $6,242.
  5. Additional Child Tax Credit.  Do you have at least one child that qualifies for the Child Tax credit? If you don’t get the full credit amount, you may qualify for the Additional Child Tax Credit.
  6. American Opportunity Tax Credit. The AOTC is available for four years of post secondary education and can be up to $2,500 per eligible student.  You, your spouse or your dependent must have been a student enrolled at least half time for at least one academic period. Even if you don’t owe any taxes, you still may qualify.

    If you have any questions about these above  requirements to file your tax, please call contact me 
    at (305) 443-1068 Julio Jiron, CPA


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