Are you wondering if you need to file a tax return? While most people who earn an income must file a\u00a0Federal income tax return each year, it is not necessarily true for everyone.<\/p>\n
>><\/strong>\u00a0Start Your FREE E-file<\/strong><\/a><\/p>\n Depending on your\u00a0filing status<\/a>\u00a0and the amount of income you made during the year, you may not be required by law to file a return with the IRS. However, even if you do not have to file, it may still be in your best interest to submit a tax return.<\/p>\n There are a number of factors that determine whether you need to\u00a0file a tax return<\/a>\u00a0\u2014 including your annual income, your age, your marital status, and whether or not you have dependents. If you don\u2019t want to file a tax return, it is important to\u00a0make sure\u00a0that you are exempt from filing so you don\u2019t mistakenly neglect to report your information to the IRS.<\/p>\n In most cases, you will need to file a return if any of the following are true:<\/p>\n There are many other circumstances that may require you to\u00a0file an income tax return<\/a>, even if none of the above situations apply to you. If you are unsure, contact a tax professional who can help advise you on whether or not you need to file.<\/p>\n RELATED: Common Tax Questions & Answers<\/a><\/p>\n Even if you are not required by law to file a tax return, in some cases it may be in your interest to file one anyway. For example, almost anyone who has dependents can benefit from\u00a0filing an income tax return.<\/p>\n Most people who are exempt from filing do not owe any taxes. However, they may still be eligible for a tax refund<\/a>. There are several\u00a0tax credits<\/a>\u00a0and\u00a0tax deductions<\/a>\u00a0that you might qualify for, which can help reduce your tax liability or increase your\u00a0tax refund.<\/p>\n Keep in mind, non-refundable\u00a0tax credits\u00a0cannot exceed your tax liability \u2014 so once your tax balance is brought down to $0, you have maxed out on that credit for the year. On the other hand,\u00a0refundable\u00a0tax credits\u00a0can go beyond your tax liability and result in a tax refund check.<\/p>\n RELATED: Refundable vs. Non-Refundable Tax Credits<\/a><\/p>\n Some of the available tax credits include:<\/p>\n On top of the various credits available, there may be other reasons you\u2019ll want to file a Federal income tax return. For instance, in certain situations, such as applying for a loan or for government benefits, a copy of your most recent tax return(s) is often required.<\/p>\nDo You Need to File a Federal Income Tax Return?<\/h3>\n
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The Advantages of Filing a Federal Income Tax Return<\/h3>\n
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