The Internal Revenue Service (IRS) is warning taxpayers, especially low- to moderate-income families, not to miss out on tax credit refunds when filing their taxes this year. The agency is urging those who don’t normally file a tax return to use the IRS Free File tool to prepare their taxes online for free. Taxpayers with an adjusted gross income of $79,000 or less in 2023 can use this tool to submit a simple tax return electronically and receive any refund by direct deposit. The IRS recommends not missing out on “overlooked refunds and tax credits” this tax-filing season.
This year’s tax-filing season began on January 29 and is now well underway. Most taxpayers should have already filed their taxes with the IRS, but the official deadline for filing taxes or requesting an extension is Monday, April 15 in most cases. Taxpayers in Maine and Massachusetts have until April 17 to file, while those who have requested an extension have until October 15. The IRS is urging households who are not required to file a tax return to do so, as failing to file means missing out on the chance of receiving a refund.
Low- to moderate-income individuals may mistakenly assume they are not entitled to a refund if they owe no taxes, but the IRS emphasizes that filing a tax return could result in money back for these taxpayers. The agency encourages workers and families in this income bracket, as well as those experiencing homelessness, students entering the workforce, and eligible parents of qualifying children, to file a tax return. Eligible parents may qualify for the Child Tax Credit, which provides up to $2,000 per child under the age of 17 and benefits around 40 million families each year.
Homeless individuals can use the address of a friend, relative, or trusted service provider on their tax return to receive any tax credits they are eligible for. Students entering the workforce or working part-time, as well as parents of children born or adopted in 2023, may also be eligible for tax credits and refunds. The IRS is reminding low-income individuals that even if they do not owe any taxes, filing a tax return could result in a refund. By using the IRS Free File tool, eligible taxpayers can ensure they are not missing out on any available tax credits or refunds this tax-filing season.
In summary, the IRS is cautioning taxpayers, particularly low- to moderate-income families, about potentially missing out on tax credit refunds when filing their taxes this year. The agency is encouraging those who do not usually file a tax return to use the IRS Free File tool to prepare their taxes for free online. By filing a tax return, individuals could be eligible for refunds and tax credits, including the Child Tax Credit for qualifying families. The IRS emphasizes the importance of filing a tax return, even for those who do not owe any taxes, to ensure they do not miss out on potential refunds.
