Who Should File a 2012 Tax Return?

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Who Should File a 2012 Tax Return? www.LandmarkTaxGroup.com

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6 Hutton Centre Dr., Ste. 600 Santa Ana, CA 92707 T. 714-382-6780 F. 714-750-9366 [email protected] www.LandmarkTaxGroup.com

Who Should File a 2012 Tax Return?
If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want to file. You may get a refund if you’ve had too much federal income tax withheld from your pay or qualify for certain tax credits. Here are five reasons why you may want to file a tax return, even if you are not required to do so:

1. Federal Income Tax Withheld. If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year’s tax, you could be due a refund. File a return to claim any excess tax you paid during the year. 2. Earned Income Tax Credit. If you worked but earned less than $50,270 last year, you may qualify for EITC. EITC is a refundable tax credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to $5,891 dollars. You can’t get the credit unless you file a return and claim it. Use the EITC Assistant to find out if you qualify. 3. Additional Child Tax Credit. If you have at least one qualifying child and you don’t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use new Schedule 8812, Child Tax Credit, to claim the credit. 4. American Opportunity Credit. If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of postsecondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your tax return to claim the credit. 5. Health Coverage Tax Credit. If you’re receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, you may be eligible for a 2012 Health Coverage Tax Credit. Spouses and dependents may also be eligible. If you’re eligible, you can receive a 72.5 percent tax credit on payments you made for qualified health insurance premiums.
Copyright 2013 © Landmark Tax Group™. All rights reserved.

www.LandmarkTaxGroup.com

Via IRS.gov For more information on IRS tax relief and achieving a tax resolution to your IRS matter, visit www.LandmarkTaxGroup.com or call us at 1-714-382-6780 for a FREE and CONFIDENTIAL consultation with former IRS Personnel. Landmark Tax Group™ is licensed by the IRS to help individuals and small businesses resolve their IRS problems with back taxes, unfiled tax returns, back tax liens, offers in compromise, wage garnishment, bank levies, installment agreements/payment plans, innocent spouse claims, audits, payroll taxes, bankruptcy, tax refunds, and more. We proudly serve America’s taxpayers in all 50 States and U.S. Territories. Contact: Michael Raanan, MBA, EA President Former IRS Revenue Officer Enrolled Agent admitted to practice before the Internal Revenue Service

www.LandmarkTaxGroup.com

Copyright 2013 © Landmark Tax Group™. All rights reserved.

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