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- Find out your eligibility - Taxes are not the same amount for everybody. How much one pays depends on a number of factors including age, civil status, and gross income. There are many resources to check whether one needs to file income tax, including the IRS website or office.
- There are perks to filing income tax - Chief among these are tax credits and tax breaks, which basically mean that you can sometimes get a tax break or money back for tuition if one is still in school.
- One should always file income tax whether one can pay their bill or not - Regardless of one's ability to pay the bill or not, it's best to avoid penalties as much as possible. In case one really can't manage to pay the taxes by the 15th of April, using credit cards, refinancing one's mortgage, or paying in installment are some alternatives.
- Understand the exclusions - These items can reduce one's gross income (one of the factors that income tax is based on) and the list includes interest from municipal bonds, pre-tax contributions to a 401(K) and 403(b) plans.
- It can help to work with tax experts - As mentioned earlier, filing taxes can be confusing or daunting for some people. Fortunately, those who need guidance with their taxes can always get help fromaccountants to help them get ready in time for Tax Day!
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