It is compulsory for every US citizen to find out the amount owed by him in federal income tax and file a federal tax return each year. Filing taxes can be a hectic experience for many, but, there is no reason to fear. We provide you the help of our experts for the same.
There is always a specified limit for an income tax payer, and then only, you are required to file income tax. The government provides standard deduction but the amount of it varies as per inflation and is finalized by the government at the onset of the tax filing session.
Low-income groups and children are exempted to pay taxes. At the time of filing income tax returns, checking IRS filing is compulsory. Once IRS permits the taxpayers to claim exemption, the personal exemption is earned i.e., similar to the standard exemption. Hence, reduces taxable income. The final tax amount is decided after personal exemption.
IRS does not issue refunds without filing a tax return.
Different Types of Tax Credits:
Additional Child Tax Credit can be refunded, when you have at least one qualifying child and the full amount of child tax credit was not availed by you earlier.
Work Pay Credit is availed by those married couples (working), who have jointly filed income tax returns. The maximum that can be availed is $800 and $400 respectively.
Earned Income Tax Credit reduces the taxes as it is provided to taxpayers with low to moderate-income.
Health Coverage Tax Credits provided to those individuals, who are receiving Trade Adjustment Assistance (ATT), Pension Benefit payments, Reemployment Trade Adjustment Assistance.
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