Exceptions to the Rule: Why You May Need to File Your Tax Return (Despite What People Tell You)

So you didn’t make a whole lot of money this past year of 2014. Does that mean you’re completely exempt from filing that 2015 tax return? Don’t be too sure…. Talk to a specialist from H.O.P.E. to Own about it, regarding your expedient 2-hour tax return to find out, but in the meantime, here’s a bit of wisdom for you to hold onto.

It May Not Matter What Your Income Is Regarding Your Tax Return

Surprise, surprise, but you just might be talking to a specialist only to find out that you do, in fact, have to file that 2015 tax return regardless of how much you made. That could be a good thing, or it could just be an eh thing. Not necessarily a bad thing. Here’s the thing, though:
What if you have unreported tip income? What then? Perhaps you’re a waitress, and you’ve collected X amount of tips throughout the year. Did you know that by law you’re required to file your taxes? The same goes for anyone who is self-employed: writers, dancers, lawyers. You have to be clear, though, on the requirement in the sense that you have to have made more than $400 in the past year. If it’s less, no worries — you don’t need to file any 2015 tax return at all.
Additionally, recapture taxes are common, so pay close attention to that one as well. An example of that would be your typical first-time homebuyer credit, something you could be aware of when approaching the prospect of a H.O.P.E. to Own zero-down home with spotty credit, as we can help you with that. There’s more to consider, though, such as:
  • Alternative Minimum Taxes
  • Household Employment Taxes
  • Retirement Plan Taxes
You’ve got a lot to consider.

Again: Simply Talk to the Professionals Today

After all, you don’t have to do this alone. There’s a wealth of information already about your 2015 tax return (and whether or not you actually have to file). Better be safe and sorry and get a consultation in there, just to be sure. You might need to file anyway, and guess what: that may very well be a good thing!
(Especially with all the tax deductions you could still claim….)

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