My CPA said that it’s still a good idea to file my taxes even though my income is less than the minimum gross income required to file. Is that true?
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Why do you have a CPA?
>My CPA said
For someone that barely makes enough to file I see no value in hiring a CPA. That’s overkill.
I would – you may get the Earned Income Tax Credit, and you’ll get back any money you had withheld. Otherwise, you’ll lose out.
Yes, it gets you on the record for things like stimulus checks. It also starts the statute of limitations for auditing your return, the IRS can generally only audit a year for 3 years after your return is filed. If you never file, that timer never starts and hypothetically they could try to screw with you 20 years from now. There’s really no downside.
Though if your income is that low, your return is probably very simple and not at all worth paying a CPA for. Check out FreetaxUSA or anything similar.
Depends on the situation. Without more info, I would file.
Did you work a W2 job and have funds withheld?
Yes, but file for free. Plenty of places you can do it quick and easy for free. Freetaxusa.com for example
Yes. Absolutely file.
Though you may not be legally required to do so, you may be leaving tax credits on the table. There’s no good reason to turn down a good payday. You never know what specifically you’re leaving if you dont file
In addition, the government will use this data when, say, to determine stimulus check eligibility.
If you’re below you often get any withholding back in many situations. You may be leaving some number in the hundreds you’re eligible for unclaimed.
If you never received the $1400 stimulus payment that was issued in 2021, you can claim that as the Recovery Rebate Credit on line 30 of Form 1040.
Yes, that is true.
There’s a decent chance you’ll get a refund. Plus doing a simple return will make it easier in the future to understand a more complex one.
If you don’t file, someone else may file for you. With false information. And collect the resulting refund…
Always file, ideally as soon as possible
I filed for free with freetaxusa. Did it in like 20 minutes. Really don’t need a CPA for a basic tax return with just a w-2.
Hell yeah, Big Brother needs to keep tabs on you.
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