If you have not yet filed your 2015 tax return and have a refund coming, time is running out! There is no penalty for filing a late return that qualifies for a refund! The IRS estimates over a million Americans fail to file a tax return every year. By not filing, many of these people risk losing any refund they are owed (which averages $600).
If you miss the filing deadline, any excess tax you paid with every paycheck or sent in as a quarterly estimated tax payment in 2015 goes to the US Treasury. You will not be able to apply these monies to another tax year, or use these monies to pay any past-due student loans or child support.
When filing a 2015 tax return, the law requires that the return be properly addressed, mailed, and postmarked by April 15, 2019. Late filers who owe no taxes do NOT pay any penalty, AND might even be eligible to get credits beyond the money withheld from their paychecks.
As a friendly reminder …. taxpayers seeking a 2015 refund should know that their checks will be held if they have not filed tax returns for 2016 and 2017. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to offset unpaid child support or past due federal debts, such as student loans.
Please give this office a call before the end of this year to have us prepare your prior year tax returns. Sufficient time is needed to gather the required source documents, prepare complete and accurate tax returns, review, print, sign and mail the returns to the appropriate tax agencies.