/24-7PressRelease/ - NORTH CHARLESTON, SC, January 17, 2008 - Well tax season is upon us. But you say you're not sure whether you should file a tax return or not?
Well, JK Harris and Company, LLC, says the safe thing to do is to file, even if you're not required to.
"You need to file a 2007 Federal income tax return if your income for the year is above a certain level," said Charlie Jones, Chief Compliance Officer for JK Harris, the nation's largest tax resolution firm, based in North Charleston, S.C.
That income level varies, depending on your current filing status, age and the type of income you received in 2007. A good example would be, if you and your spouse are both under age 65, you are generally not required to file until your joint income reaches $17,500.
However, if you happen to be self-employed, you generally need to file a tax return if your net income for 2007 was at least $400.
If you still aren't sure whether you need to file a tax return for 2007, you can refer to IRS Publication 501, Exemption, Standard Deduction, and Filing Information for 2007 at http://www.irs.gov/pub/irs-pdf/p501.pdf.
"Even if you are not required by federal law to file a tax return, you should do so to get money back from any Federal Income Tax that may have been withheld from your pay during 2007," advised Jones, who worked for the IRS for 30 years, including 27 in the Collections Division. "You should also file if you qualify for a refundable credit, such as Earned Income, Additional Child or Health Coverage tax credits."
The Earned Income Tax Credit and the Additional Child Tax Credit are the most common of the refundable credits. The EITC is for eligible low-income workers. The credit reduces the amount of tax an individual owes and may be returned to the taxpayer as a refund.
The Additional Child Tax Credit may be available if you have at least one qualifying child and you did not use the full amount of your Child Tax Credit.
For more information regarding refundable credits, you can refer to the IRS Web site at http://www.irs.gov.
About JK Harris:
JK Harris & Company, LLC, (www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, fee-based financial planning, tax return preparation, and audit representation.
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