Not Planning to File Taxes This Year? You May Want to Rethink That

Though many Americans are required to file a tax return, some people are exempt. If you're a lower earner, for example, you may not be required to file a return. But for this year, in particular, that's a move you might regret.

There are several tax benefits available to lower-income tax-filers. But if the IRS doesn't know you're entitled to that money, it won't pay you. And the way to let the IRS know is to file a tax return.

Take the Earned Income Tax Credit, or EITC, for example. That credit could be worth up to $6,660 depending on how many children you have in your household. And also, that credit is fully refundable, which means the IRS will pay you that money if you don't owe any taxes at all. But if you don't claim that credit on a tax return, you won't benefit from it.

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Source Fool.com