The IRS tax filing requirements can be very complicated, and Dallas Fort Worth attorney Nick Nemeth often sees clients who have ended up in a dispute with the IRS. The tax code is so complicated that it can be difficult for someone to even determine whether they need to file a tax return for 2014 or not. In some cases it would be beneficial to file a tax return for 2014 even if you have no legal requirement to do so, in order to get a refund and take advantage of certain tax credits. The Law Offices of Nick Nemeth focuses solely on tax issues, and they offer the following tips for taxpayers when it comes to filing tax returns for 2014:
• The general rules for filing a tax return for 2014 cover a number of different areas and factors. Your age, filing status, and even the amount of income that you earned in 2014 will be used to determine whether you have a legal requirement to file a 2014 tax return. If you are self employed, if you qualify as someone else’s dependent, or in certain other situations then you may also be required to file a tax return for 2014.
• If you are eligible for the new premium tax credit for health insurance then you should file a tax return for 2014 even if you owe no taxes. This will allow you to get the credit. Form 1095A Health Insurance Marketplace Statement should be received by the end of February if you need one to file your 2014 tax return.
• According to attorney Nick Nemeth you may also want to file a tax return for 2014 if your employer withheld any federal income tax from your checks in 2014, or if you made any estimated tax payments towards any tax liability for 2014. If you overpaid last year and chose to have your overpayment applied to your 2014 taxes then it would also probably be in your best interest to file even if you have no legal obligation to do so.
• If you had an income of less than $52,427 for 2014 then you may be eligible for the Earned Income Tax Credit, and possibly a tax refund as a result. The 2014 EITC Assistant Tool found at www.irs.gov can help you determine whether you qualify for this credit. If you do then you must file a tax return for 2014 in order to claim it.
• If you are an eligible student then you could qualify for a tax credit that could be worth up to $2,500. This credit is allowed for any taxpayer who is involved in up to 4 years of their post secondary education. Eligible students will be enrolled for at least half time for a minimum of one semester, and this credit can be taken even if you owe no federal taxes.
According to tax lawyer Nick Nemeth there are also other times when you should or must file a tax return for 2014 as well.