Friday, January 7, 2011

WHEN SHOULD I FILE FEDERAL TAX RETURN ?

FILE A RETURN IF FOLLOWING SITUATIONS APPLY:

1.  IT DEPENDS UPON YOUR FILING STATUS AND GROSS ANNUAL INCOME. IF THE GROSS ANNUAL INCOME EXCEEDS STANDARD DEDUCTION PLUS THE EXEMPT
 PERSONAL INCOME, THE TAX RETURN SHOULD BE FILED.
2. FILE A RETURN TO GET BACK WITHHELD TAX EVEN IF YOU DON'T HAVE TO FILE A RETURN.
3. FILE A RETURN TO CLAIM TAX CREDITS SUCH AS MAKING WORK PAY CREDIT, EARNED INCOME CREDIT, ADDITIONAL CHILD TAX CREDIT, EDUCATION
(AMERICAN OPPORTUNITY) CREDIT, FIRST TIME HOME BUYER CREDIT, HEALTH COVERAGE CREDIT ETC.


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