Don’t leave your money on the IRS’ table

IMG_0642Not everyone has to file a tax return.  But you might want to file anyway.  Here’s why.

First of all, you can check here to see if you are required to file.  Even if you are not required to file, you may wish to file your tax return anyway in order to get the tax refund that you are entitled to.  Why?

Sometimes employers withhold excess taxes from a paycheck.  If you are entitled to a refund of these excess taxes, then filing your tax return will get you your money back.

Furthermore, you may be entitled to the Earned Income Credit.  This refundable tax credit could increase your refund.

According to the IRS’ website, over one million people haven’t filed their tax returns, holding back over one billion dollars in tax refunds.  That’s just from 2008 alone.

So, unless you want to give the Government a little something extra, you may want to file your tax return, even if the IRS says you don’t have to.

[Image: IMG_0642 by David Boyle in DC, on Flickr]

About Mark P. Holtzman

Chair of Accounting Department at Seton Hall University. PhD from The University of Texas at Austin. Worked at Deloitte's New York Office. BSBA from Hofstra University.

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