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How To File 2010 Taxes in 2015

It’s 2015- Four years ago today thousands of 2010 tax returns were being filed.

If your 2010 tax return wasn’t one of the returns being filed in 2011, you should still file as soon as possible. Let’s take a deeper look.

There’s a Three Year Statute of Limitations for Tax Refunds

Thanks to the three year statute of limitations, April 15, 2014 was the last day to claim your 2010 tax refund. After the deadline the IRS stopped issuing 2010 refunds.

Nervous about filing a late 2010 tax return? If you were expecting a 2010 tax refund, you won’t have to face any late penalties or interest. However, if you weren’t expected to claim a refund for 2010 taxes, you should expect to pay penalties and interest. Not to mention, you should file your 2010 as soon as possible, considering the penalties will continue to increase.

Continue reading “How To File 2010 Taxes in 2015”

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How Long Is a Tax Extension?

tax extension

A tax extension grants you an extra six months to file but doesn’t give you any extra time to pay.

A tax extension gives you an extra six months to file your return.

You must file an extension by April 15th (or whatever the normal tax deadline is for that year). It then grants you an extra six months to file, making your new deadline October 15th.

This year for 2018 taxes, for example, if you requested an extension by April 15, 2019, your return is due by October 15, 2019.

Note an extension only give you an extra six months to file, it does not give you an extra six months to pay.

When you request an extension, you will have to estimate your tax liability and pay any tax due or else you could be subject to failure-to-pay penalties starting April 15th. Continue reading “How Long Is a Tax Extension?”

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2010 Income Tax Refunds Only Available Until April 15, 2014

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”