Our firm specializes in income tax returns for employees. Contact us for a free evaluation as to whether or not you are eligible for a tax refund.
It is recommended to file an income tax return …. under the following conditions.
- Work performed for certain employers where the taxes withheld are in excess of the employee’s tax liability.
- In the case of partial year employment where the tax withheld was not computed on an annual basis.
- Credits related to, (i.e.): Excess deposits to retirement fund, life insurance payments, charitable donations to public institutions, or support expenditures for institutionalized family members.
- Withheld tax on wages from temporary employment augmenting primary employment which is in excess of the taxpayer’s marginal tax.
- An independent proprietor who incurred a loss from a business endeavor or one who was requested to pay a prior balance to National Insurance (Bituach Leumi)
- Non-uniform wages received from one employer who made no adjustment to relate the income tax withheld to the sum of wages actually paid.
- If a full year credit is claimed for event that applies to only part of the year. For example: Credits relating residents of Israel, a new immigrant (oleh), employment travel, a non-working wife, a working wife with a non-working husband, a wife helping her husband, childcare, or support and alimony payments to an ex-wife.
How do I know if I’m due a refund of income tax?
The following is a questionnaire that provides criterion in which there is a significant probability in receiving a tax refund.
Work (During the year)
- Did you receive benefits from National Insurance (Bituach Leumi) such as loss of work, maternity, army reserves
- Did you give birth?
- Did you retire?
- Did you receive income from multiple sources?
- Do you have a child with learning disabilities?
- Do you have a handicapped child, or a child with developmental disabilities?
- Do you support an institutionalized family member?
- Have you suffered a severe medical situation or heart attack?
Investments and savings
- Did you incur losses in the stock market?
- Did you make payments, as an individual, to a life insurance or retirement fund?
- Did you pay taxes on investment profits?
- Did you cash out management or retirement insurance policy?
- Did you capital gains tax?
- Are you’re a single parent?
- Have you paid child support?
- Do you live in a border town?
- Are you a new immigrant (oleh chadash)?
- Did you receive an academic degree?
- Did you donate to public charities?
Positive answers to the above questions could very well qualify you for a tax refund. Turn toward Turgeman CPA’s for a complete evaluation.
For how years can your return be audited?
An income tax return can be audited up to six (6) years after filing.