Jamtsho Tax and Financial Services

Tax season is here……

How do refunds work?
If you paid more through the year than you owe in tax, due to withholding or other reasons, you should get money back. Even if you didn't pay excess tax, you may still get a refund if you qualify for a refundable credit, like the Earned Income Tax Credit (EITC) or Child Tax Credit.
To get your refund, you must file a return, and you have three years to claim a tax refund.

Do I qualify for the Earned Income Tax Credit (EITC)?
To qualify for the EITC, you must have under $11,600 in investment income and earn less than a specific income level from working. If you're single with no children, your income level must be $18,591 or below.
And if you're married filing jointly with three or more children, you must make $66,819 or below.