Why is filing taxes important?

Here are a few reasons why filing taxes is important:

 1.  Is a MUST: you are required to file taxes if your yearly income surpasses the income threshold requirement. In 2021, single individuals under 65 were required to file taxes if their income exceeded $12,550 ($25,100 for married filing jointly individuals under 65).

 2.  To Claim a Refund: Even if you are not required to file, there are a lot of credits and deductions that might reduce your tax liability to zero and qualify you for a refund. Depending on your life situation, you might qualify for the Earned Income credit (up to $6,728 in 2021), the Child Tax Credit (up to $3,600 in 2021), among other credits and deductions.

 3.  Secure loans: If you are trying to finance a home, a vehicle, or get any personal/business loans, one of the requirements is to provide at least two years of consistent tax returns.

 4.  Avoid paying Penalties and Interest to the tax agencies: If you have a tax liability (owe money) and don’t file and pay what you owe, you will face penalties and interest to the IRS/State for not filing and paying on time. If you want to file but can’t pay it all at once, there are options for you. You can set up a payment plan with the tax agencies.

 5.  What taxes are used for:

• Pay Medicaid /Medicare

• Education

• Transportation infrastructure (build/fix bridges, roads, etc)

• Social Security

• National defense

• Law enforcement

• Interest on national debt

 Filing taxes is not only mandatory in most cases, but it is also our duty! If you haven’t file this or prior years, you can still file.

Get in touch with us! Let us fix your tax problems! You can call/text us at (347) 720-2224, or email us your concerns at contact@ztaxllc.com. Follow us on social media.