Ramyashree Swamy

Reasons to File a Tax Return

You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive.

There are some instances when you may want to file a tax return even though you are not required to do so. Even if you don’t have to file, here are seven reasons why you may want to:

• Federal Income Tax Withheld You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
• Making Work Pay Credit You may be able to take this credit if you had earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.
• Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money.EITC is a refundable tax credit; which means you could qualify for a tax refund.
• Additional Child Tax Credit This refundable credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
• American Opportunity Credit The maximum credit per student is $2,500 and the first four years of postsecondary education qualify.
• First-Time Homebuyer Credit The credit is a maximum of $8,000 or $4,000 if your filing status is married filing separately. To qualify for the credit, taxpayers must have bought – or entered into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed on the home on or before September 30, 2010. If you bought a home as your principle residence in 2010, you may be able to qualify and claim the credit even if you already owned a home. In this case, the maximum credit for long-time residents is $6,500, or $3,250 if your filing status is married filing separately.

For more information about filing requirements and your eligibility to receive tax credits, visit http://www.irs.gov.

Source: http://www.irs.gov.

Call Us Today to file your income tax!

Email: contact@ramyaswamy.com

Phone: (408) 890 - 5004

Please bring to your appointment...

• Proof of Identification (Driver's Licence)
  
  
• Social Security card(s) for you and dependent(s)
  
  
• Date of Birth for you, your spouse and dependent(s)
  
  
• Last years Federal and State income tax returns
  
  
• Wage and earning statement(s) Form W-2, W-2G, 1099-R, from all employers
  
  
• Interest and dividend statements from banks (Forms 1099)
  
  
• State Income Tax Refund Amount - Form 1099G
  
  
• Records of other income received (tips, self-employment, SSI, combined bank reporting statements)
  
  
• Sales of Stocks or Bonds - Form 1099B
  
  
• Total amount paid for a day care provider and the day care provider's Information (Name, Address, Telephone,SSN or EIN)
  
  
• Mortgage Interest Paid - Form 1098
  
  
• Home Equity Loan Interest Paid - Form 1098
  
  
• Real Estate and Personal Property Taxes
  
  
• Income and Expenses from Rentals
  
  
• Self-employed Business Income - Form 1099MISC
  
  
• Self-Employed Business Expenses
  
  
• Cash and Non cash Charitable Donations
  
  
• Record of Purchase or Sale of Residence
  

Links

Internal Revenue Service

Where is my Refund?

CA Refund Status

California Franchise Tax Board