There are instances when taxpayers aren’t legally required to file a federal income tax return. This could apply if your income is under the filing requirement. While not filing may sound enticing, if you had federal income tax withheld from your pay, made estimated tax payments or qualify for refundable credits, you could miss out on a refund and tax credits that might increase your refund. For example, if you file a return, you might be eligible for the Child Tax Credit and the Credit for Other Dependents. Education-related credits, including the American Opportunity Tax Credit and the Lifetime Learning Credit, also may be available. If you need help filing your return, contact us.
