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. Continue reading “2010 Income Tax Refunds Only Available Until April 15, 2014”
The filing deadline to claim your 2011 tax refund has passed but you should still file
The IRS statute of limitations allows you to claim a refund for three years after the original due date of a return. That means you had until April 15, 2015 to file your 2011 return and claim your refund.
If you didn’t claim your refund by April 15, 2015 then the U.S. Treasury got to keep your refund. You can still file a return, but you won’t get any money back.
Penalties and interest
If you were due a refund here’s some good news: you won’t have to pay any penalties or interest. That’s right, the IRS only charges penalties and interest of people who owe taxes. Letting the IRS keep your refund is the only punishment you’ll face for filing late. Continue reading “Can You Still Get a 2011 Tax Refund?”
Many taxpayers are frustrated by IRS delays and a lack of information from Where’s My Refund
Going into this tax season we knew that refunds were going to be delayed. Right off the bat the IRS increased the time frame within which most people can expect their refund. Instead of the old 8-15 days it suddenly became “under 21 days.”
Then the fiscal cliff nuttiness in Congress pushed the start of the season back two weeks to January 30th. These two changes alone meant that lots of people would be getting their money 2-3 weeks later than usual.
But as the tax season has progressed, the IRS has run into even more problems. Before the start of the season this year the IRS made some changes to its system to try to cut down on instances of tax fraud and identity theft, which affected over a million taxpayers last year. This is a huge relief to anyone who’s had their Social Security number or refund stolen.
Once the season started, however, the IRS discovered some problems with this new system that required a little fine-tuning. These adjustments caused many returns to be delayed for an additional week. Continue reading “IRS Refund Problems Cause Delays”