5 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 five good reasons to file your taxes, even if you don’t owe anything:

1. 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.

2. If you are in the market for a house, your lender will 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 will need to wait until you have enough documentation to apply.

3. 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.

4. There is free help available to file your taxes. This year GCU is teaming up with Tax Aide New Mexico to help many New Mexicans file their returns at no charge. We will be at the Pasatiempo Senior Center (off Altavista Street) and the Santa Fe Community College through April 15^th.

5. New tax breaks were passed at the end of 2010, which means you may qualify for a higher refund. It also means you may have to wait longer to file this year, until February 14, but hey—getting more money back is probably worth the wait.

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