According to the IRS, most United States citizens and legal residents are required to file a tax return if their income reaches or exceeds a certain amount each year. If you make less than the set amount, it still would be in your best interest to file because you could get money back. To find out how your amount qualifies, click here.
There are a lot of benefits to filing a tax return. Although you may initially view it as another set of papers that you’ll have to fill out, there are plenty of reasons that make it worthwhile. If you need help filing for your business, Ryder and Company is here for you! We can make the complex simple with our tax services.
Below is a list of benefits to filing a tax return.
Get $$$ Back
Filing a return can put some cash back in your pocket! For example, if your employer withheld too much from your paychecks, you will receive money back from the IRS.
Social Security Benefit
If you claim self-employment as your source of income, it can help with calculating your Social Security benefit.
To avoid having the government claim your property if you have tax debt, file a return. If you file your return accurately and on time, you can help avoid any penalties.
The more accurate your return is, the easier it will be to apply for financial aid if you’ve decided to further your education.
Understand Your Income
If you’ve decided to apply for a loan, filing an accurate tax return may help you receive lower interest rates and better repayment terms. Lenders will look at your return to calculate this information.
Simply put, you won’t have added stress that the IRS will come knocking on your door! By filing a tax return, you are following the law.