For many Americans, tax day is just another day on the calendar. If your income falls below a certain threshold, you're not required to file a tax return because you won't owe any tax. However, even if you're not obligated to file, it might be wise to participate in the annual April ritual.

According to Susan Allen, senior manager for Tax Practice & Ethics for the American Institute of Certified Public Accountants, filing a tax return this year could potentially lead to a refund. This is because you might qualify for refundable tax credits. By choosing not to file, you may be missing out on money that you're entitled to.

While it may seem like a hassle to file a tax return when you don't have to, there are several reasons why it can be beneficial:

1. Refundable Tax Credits:

Refundable tax credits are a type of tax benefit that can result in a refund even if you don't owe any tax. Examples of refundable credits include the Earned Income Tax Credit and the Child Tax Credit. By filing a tax return, you can determine if you qualify for these credits and potentially receive a refund.

2. Future Financial Opportunities:

Filing a tax return can also open up future financial opportunities. For example, if you're planning to apply for a mortgage or a loan, having a history of filed tax returns can strengthen your application. Lenders often look at tax returns to assess your financial stability and ability to repay the loan.

3. Documentation for Social Security and Medicare Benefits:

Even if you're not currently receiving Social Security or Medicare benefits, filing a tax return can serve as documentation of your income. This can be useful in the future if you decide to apply for these benefits.

4. Peace of Mind:

Filing a tax return, even if you're not required to, can provide peace of mind. By fulfilling your tax obligations, you can avoid any potential penalties or legal issues that may arise from not filing.

In conclusion, while you may not be required to file a tax return this year, it's worth considering the potential benefits. By filing, you could qualify for refundable tax credits, open up future financial opportunities, have documentation for Social Security and Medicare benefits, and achieve peace of mind. So, join the annual April ritual and file your tax return this year!