Late filers who owe no taxes don't pay any penalty, and might even be eligible to get credits beyond the money withheld from their wages. The IRS sets minimum gross income levels below which taxpayers do not have to file a return.
These non-filers may have overlooked the fact that their employer withheld income tax throughout the year, which is money the IRS owes them. Additionally, their low income may qualify them for tax credits only available by filing a tax return.
You could be missing the opportunity to get a tax refund. April 15, is the last day to file your original tax return to claim a refund. If you received an extension for the return then your deadline is October 15, If you miss the deadline, any excess in the amount of tax you paid every paycheck or sent as quarterly estimated payments in goes to the U.
Treasury instead of to you. You also lose the opportunity to apply any refund dollars to another tax year in which you owe income tax. The IRS can also hold refund checks when the two subsequent annual returns are missing. That means you should file returns for and as soon as possible. For the tax year, with a filing deadline in April of , the three-year grace period ends April 15, Tax payers who don't use a professional or online tax preparation service may not know what tax credits are available to them unless they read or follow tax-related news.
Those with low or moderate incomes may be eligible for the Earned Income Tax Credit even if they didn't have a tax bill. So as you plan your budget for the year, you should know how long it will take to get your federal tax refund.
If you want to go beyond taxes and build a comprehensive financial plan for your future, a financial advisor can help you put a financial plan together. When you get your tax refund will depend largely on how you file your return. The fastest option is to e-file your return and to receive your refund via direct deposit. A taxpayer may not know this has happened until they file a tax return and find out someone else used their SSN. Using Direct Deposit is the safest and easiest way to get a refund.
Direct Deposit is the electronic transfer of a refund from the Department of Treasury to the financial account of choice. Eight out of 10 taxpayers use direct deposit for their refunds. This is the same method used by 98 percent of Social Security and Veterans Affairs beneficiaries.
It is easy, safe and secure. It also saves money for all taxpayers. All that is needed is an account number and a routing number to get a refund faster. Splitting a refund is easy and can be done electronically if using IRS Free File or other tax preparation software. This is also the information that will remain on IRS record until it is changed either by updating your address or filing a tax return the following year. Only the IRS - not eFile.
If you received a smaller refund amount than what was on your return, the most common reason for this is a refund offset. All or some of your refund may have been used to pay any past-due federal tax, child support, alimony payments, state tax, or other federal debts. For Returns, taxpayers who claimed an inaccurate amount of the first and second stimulus payments would have seen their refund adjusted to the correct amount.
Generally, you will receive an IRS notice informing you of these changes. If you received a raise or higher salary during the year, your income may have moved you up to a higher tax bracket.
As such, if you did not adjust your income tax withholding , then this would effectively lower your refund since your withholding is based on a smaller salary. If your income situation changed during the year, utilize the free W-4 tools on eFile. That is an estimated 1.
In addition, these taxpayers will most likely also not claim a large amount of state tax refunds. You had until May 17, to file a claim these refunds. Still, it is recommended to file the return regardless. Since it cannot be e-filed, see previous year tax forms you can fill out and mail.
Maybe you thought your income was so low that you did not have to prepare and e-File or file a tax return. Even if this was the case, did you know that you still might be eligible for a tax refund? For example, you might have had a job and taxes were withheld every month, but you did not file a tax return because you had too little income.
You might still be able to claim this money in form of a tax refund. All these might mean a tax refund for you! See if you should or may want to file a tax return. In addition, the IRS has estimated figures for those who failed to file a previous year state tax return , accounting for millions of dollars worth of state tax refunds.
0コメント