(Presseportal openBroadcast) - March 10, 2016 – Traverse City tax preparation planner Frank Ellis explains six ways to know if a 2015 tax return should be filed in 2016 in a new Examiner.com article. The author states that even if someone does not legally have to file taxes, it is in their best interest to do so. With some new rules put into place this year, he provides six reasons to file.
First, general filing rules dictate how income, filing status, and age impact whether one is required to file. Certain rules apply to certain people, but there are also special rules for others who may be self-employed or dependents. The Premium Tax Credit is also discussed. Those who purchase health insurance through the Health Insurance Marketplace qualify, but must file a federal return first. If advanced payments were sent to the insurer, one also must file; a form is provided with the information needed to do so.
Those who made estimated tax payments, or had money withheld from their paycheck, should also file because they might be entitled to a refund. They won’t receive one unless they file their taxes. The Earned Income Tax Credit is available to people who earn less than a certain amount and, if they file, will receive this credit in the form of a refund.
Other reasons to file mentioned include the Additional Child Tax Credit. Taxpayers must file before they can get the credit. Similarly, the American Opportunity Credit covering post-secondary education can be claimed when one files, even if they don’t even owe taxes.
To take advantage of any of these, one must file their income taxes. The IRS can assist as there is a tool available, which is mentioned in the article. Also, the author links to instructions for common tax forms. Learn more about filing taxes and the advantages by going to http://www.examiner.com/article/six-ways-to-know-if-you-should-file-a-tax-return.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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