How nonfilers can claim 2021 tax credits
We have good news! IRS has recently urged taxpayers with low income or zero income to consider filing their tax returns for year 2021. In Rev. Proc. 2022-12, the IRS has prescribed procedures for individuals who are not otherwise required to file a federal income tax return for 2021 to do so to claim, if eligible, the child tax credit (CTC), the recovery rebate credit (RRC), and/or the earned income tax credit (EITC).
Most taxpayers are not required to file a return when their adjusted gross income (AGI) is below their applicable standard deduction amount. However, in many cases, a taxpayer not required to file may benefit from doing so, such as to obtain a refund of taxes withheld from wages or, as provided in the abovementioned revenue procedure, to receive refundable credit hence a refund from the IRS. Unsure of whether you qualify for these credits and need help filing your 2021 tax returns? Feel free to call us at 832 295 3353 to schedule an appointment so we can help you.