If you haven’t filed your 2010 return yet you have less than a year to get your refund
Most taxpayers are frightened of the IRS, and understandably so. Not only does the agency force us to go through the tortuous process of filing taxes every year, but it also has the power to implement some pretty drastic punishments when taxes go unpaid. It can levy your wages and bank accounts and force you to sell or mortgage assets to pay your tax debt.
But what most people don’t know is that the IRS is surprisingly lenient when it comes to minor offenses, such as filing a late return. Most late filers assume that they will get hit with massive penalties, so they try to hide from the IRS and avoid filing their taxes for even longer.
Doing so, however, might actually cause them to sacrifice a refund. Late filers are more likely than normal filers to receive a refund, and the tax code’s statute of limitations allows you to claim a refund for three years after the original due date of the return.
That means that the last chance to claim a refund from your 2010 return is April 15, 2014. That’s less than a year away! Take note: after next April 15th your refund belongs to the U.S. Treasury and you absolutely will not be able to claim it.
The good news gets even better. If you’re due a refund, you won’t have to pay any penalties for filing late. Penalties and interest only apply to late filers who owe the IRS money. Getting your refund late is considered punishment enough for not filing on time.
The moral of the story? File your 2010 return before April 15th, preferably as soon as possible. In fact, you can file your 2010 return right here on RapidTax.
RapidTax allows you to file a tax return for any year from 2005 to 2012. Our online application will fill out your prior year return for you – no need to dredge up income tax forms for 2010 or any other year.
The only inconvenience is that the IRS does not all you to e-file prior year returns, so at the end of the process you will have to download your return, print it out, sign it, and mail it to the IRS yourself.
With refunds to be had for 2010, 2011, and 2012 taxes, what are you waiting for?
Photo via Tambako the Jaguar on Flickr.
