4 Good Reasons to File Your Taxes

(Beyond avoiding the wrath of the IRS)

If tax time seems like about as much fun as a root canal, you’re not alone. But there are real benefits to filing that can make a difference to your pocketbook and open doors to help you reach your goals.

Here are four good reasons to file your taxes, even if you don’t owe anything:

  • There are many deductions and credits available to help you get more money back. It is very likely you get a refund if you have expenses such as college tuition, mortgage interest, day care, if you can claim any dependants, etc.
  •  If you are in the market for a house, your lender may want to see one or two years of taxes. If you don’t have them, or you declared only part of what you make, you might need to wait until you have enough documentation to apply.
  • Similarly, if you are applying for federal programs such as student financial aid, Small Business Administration loans, immigration and naturalization services, etc., you will be asked to provide at least the previous year’s tax returns.
  • There is free help available to file your taxes. Tax Aide New Mexico helps many New Mexicans file their returns at no charge each year. Visit their website for hours and locations.