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Tuesday
Feb212012

Tax Tip: Do You Have to File?

Creatas/Thinkstock(NEW YORK) -- With the tax filing deadline less than two months away, many are making plans to submit their tax returns soon.  But as Eric Smith with the IRS explains, some people don't have to file.

"If your income is very low chances are you are not required to file a return -- but there are many situations where you'll want to file a return anyway," he says.

ABC News asked tax preparer Janice Hayman about who might not need to file.

She says, "There may be retired people that don't need to file a tax return if their taxable income is low enough."

And if you have low or moderate income, be aware of the earned income tax credit.

"If you're trying to make ends meet on about $49,000 or less there's a good chance you may qualify for this credit," Hayman notes. "About one in five eligible tax payers fail to claim the credit."

Copyright 2012 ABC News Radio







ABC News Radio