country, millions of Americans may be in a position in which their income
levels are low enough that they're not sure whether they will have to actually
file tax returns for 2013. However, it's almost always better to be safe rather
than sorry, and taking the time to understand the circumstances under which
they will have to file is likely to be extremely important.
Often, this is
an issue because people may not do as well as they should when it comes to
keeping tabs on all their various financial documents for the year, according
to a report from the bi-lingual Colorado newspaper La Voz. However, it may be
wise for consumers to file even if they're not sure of their status simply
because of what it may end up granting them in terms of benefits. Moreover, the
documents they receive from employers are often a good indicator of what they
should do if they're on the fence.
received a W-2 or 1099, there is no question, you have to file," Val
Vigil, Ward 2 councilman and mayor pro tempore for Thornton, Colorado, who
also worked in the tax industry for more than four decades, told the newspaper.
"When the employer gives you a 1099 or W-2, they also send one to the
federal government. [The federal government is] waiting to see if the
information matches. I think that the problem that [consumers] have is
their record keeping. They don't know what records to keep to file taxes
reason filing is important
Further, if those with low incomes have dependents of any kind, they can only
obtain the tax benefits associated with them if they file a return, the report
said. However, those with older dependents who will be filing their own returns
will have to keep in mind that if the younger people claim themselves as
dependents, then they cannot be claimed by their parents, guardians, and so on,
so coordinating with them.
important to work with a trained tax professional during filing season, because
this may help to uncover a number of benefits to which Americans may be
entitled but did not know about. Doing so can also significantly reduce the
likelihood of filing errors overall.
For a more
in-depth look at Liberty Tax Service, visit the Give Me
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Liberty Tax directly at 1-877-at-Liberty.