North Charleston, SC (PRWEB) January 18, 2008
Well, tax season is upon us. But some taxpayers just aren't sure if a return needs to be filed or not.
JK Harris and Company, LLC, says the safe thing to do is to file, even if it's not a requirement.
"You need to file a 2007 Federal income tax return if your income for the year is above a certain level," said Charlie Jones, Chief Compliance Officer for JK Harris, the nation's largest tax resolution firm, based in North Charleston, S.C.
That income level varies, depending on the taxpayer's current filing status, age and the type of income received in 2007. A good example would be, if the taxpayer and spouse are both under age 65, it is generally not required to file until the joint income reaches $17,500.
However, a self-employed taxpayer generally needs to file a tax return if the net income for 2007 was at least $400.
Still aren't sure if a tax return for 2007 needs to be filed? Refer to IRS Publication 501, Exemption, Standard Deduction, and Filing Information for 2007 at http://www.irs.gov/pub/irs-pdf/p501.pdf.
"Even if you are not required by federal law to file a tax return, you should do so to get money back from any Federal Income Tax that may have been withheld from your pay during 2007," advised Jones, who worked for the IRS for 30 years, including 27 in the Collections Division. "You should also file if you qualify for a refundable credit, such as Earned Income, Additional Child or Health Coverage tax credits."
The Earned Income Tax Credit and the Additional Child Tax Credit are the most common of the refundable credits. The EITC is for eligible low-income workers. The credit reduces the amount of tax an individual owes and may be returned to the taxpayer as a refund.
The Additional Child Tax Credit may be available if there is at least one qualifying child and the full amount of the Child Tax Credit was not used.
For more information regarding refundable credits, refer to the IRS Web site at http://www.irs.gov.
About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, fee-based financial planning, tax return preparation, and audit representation.