A Tax Question That Could Save You Money
When it comes to filing taxes, most people only ask one question: 'Am I required to file a tax return?'. From a technical standpoint, the IRS sets specific income thresholds, and if you're below that line, it can feel like you're in the clear. But our S3 framework suggests a different, more powerful question: 'Is it beneficial for me to file?'. This reframe is a both/and solution that can save you money.
'Do you need to file taxes? The IRS sets specific income thresholds, but that's not the only question. The better question is, 'Is it beneficial for me to file?' Even if you're below the threshold, filing can be a sound financial decision. Why? To get a refund on withheld money, or to claim valuable refundable tax credits. It's your money, and filing is the process to claim it back. Discover more sound financial knowledge on our latest podcast. Link in the description.'
Even if your income falls below the official threshold, filing can be a tremendously sound financial decision. There are two big reasons for this. First, to get a refund on any federal income tax that was withheld from your paychecks throughout the year. Second, to claim valuable refundable tax credits, which can put money in your pocket even if you don't owe any tax at all. Drawing from our ChFC® background , our approach suggests seeing this not as a burdensome obligation, but as an opportunity for empowerment.
If you're ready to take the first, confident step toward financial clarity, watch the full podcast episode. Link in the description: https://www.safesimplesound.com/tax-edition-episode-28/
DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.