It is compulsory for every US citizen to find out 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. Government provides standard deduction but the amount of it varies as per inflation and is finalized by the government on 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, personal exemption is earned i.e., similar to standard exemption. Hence, reduces taxable income. The final tax amount is decided after personal exemption.
IRS does not issue refund without filing a tax return.
Additional Child Tax Credit can be refunded, when you have at least one qualifying child and full amount of child tax credit was not availed by you earlier.
Work Pay Credit is availed by those married couple (working), who have jointly filed income tax return. The maximum that can be availed is $800 and $400 respectively.
Earned Income Tax Credit reduces the taxes as it is provided to tax payers with low to moderate income.
Health Coverage Tax Credit is provided those individuals, who are receiving Trade Adjustment Assistance (ATT), Pension Benefit payments, Reemployment Trade Adjustment Assistance.
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