Six Tips on Who Should File a 2015 Tax Return

Most people file their tax return because they have to,
but even if you don’t, there are times when it is better for you to file your tax return. You may be eligible for a tax refund and not know it.  Below are six tax tips to help you decide if you should file your  tax return:

• General Filing Rules.  Whether you need to file a tax return generally depends on a few factors. In most cases, the amount of your income, your filing status and your age determine if you need to file a tax return. For example, you must file if you’re single and under 65 years old if your annual income was at least $10,150. Other rules may apply if you’re self-employed or if you’re a dependent of another person.
• Premium Tax Credit.  If you bought health insurance through the Health Insurance Marketplace in 2015, you may be eligible for the Premium Tax Credit. However, you will need to file a tax return to claim the credit. If you purchased coverage from the Marketplace in 2015 and chose to have advance payments of the premium tax credit sent directly to your insurer during the year, then you must file a federal tax return. When  you file, you will reconcile any advance payments with the allowable Premium Tax Credit on your tax return. You should receive Form 1095-A, Health Insurance Marketplace Statement, by early February of next year. This form will have information that you need to help you file your tax return.
• Tax Withheld or Paid.  Did your employer withhold federal income tax from your pay? Did you make estimated tax payments if you were self-employed? Did you overpay tax 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 claim it.
• Earned Income Tax Credit.  If you were single at least age 25 and under age 65, you earned less than $14,820 last year, you could receive Earned Income Tax Credit even if you did not have any qualify child.   However, if you have 3 or more qualifying children, your earned income is less than $47,747 last year, you may be eligible for up to $6,143 Earned Income Tax Credit.  You need to file a tax return to claim the credit.
• Additional Child Tax Credit.  Do you have at least one child that qualifies you for the Child Tax Credit? If you don’t get the full Child Tax Credit amount, you may qualify for the Additional Child Tax Credit.
• American Opportunity Credit.  This credit is available for the first four years of post secondary education which means the first four years of college.  It can be up to $2,500 per eligible student.  To qualify, you or your dependent must have been a student enrolled at least half time for at least one academic period.  For this credit, even if you don’t owe any taxes, you may still qualify. However, you must complete Form 8863, Education Credits, and file a tax return to claim the credit 

If you have any questions, please feel free to email us.

Your comments and feed backs are welcome.

Source:  www.irs.gov.
Email:   Excellent-tax@gmx.com