Check out the latest warning from the tax agency.
"Often, individuals and families can get these expanded tax benefits, even if they have little or no income from a job, business or other source," the IRS said."This means that many people who don't normally need to file a return should consider doing so this year."People who file a tax return this season could be in line for several new tax benefits.
But single filers, who are more likely to not typically file a return, also have access to other benefits like the Earned Income Tax Credit , the Recovery Rebate Credit , and a deduction for gifts to charity. The American Rescue Plan raised the EITC for childless workers and implemented the third-round of stimulus payments as well, which people can still receive if they haven't already by claiming the RRC.
Any cash contributions made to charities in 2021 can also be taken as a deduction this year, with married couples filing jointly allowed to deduct up to $600 in cash donations and individual taxpayers eligible to deduct up to $300. The IRS is emphasizing that all of these credits and benefits"are only available to people who file a 2021 federal income tax return."
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