This is why I advise DIY-ers to be extremely careful when filing your income taxes. On March 9,2018 The Internal Revenue Service (IRS) announced that more than $1.1 billion in outstanding refunds remain unclaimed from 2014. Yes, billion. This means one of two things. [1] Millions of taxpayers did not receive their correct refunds. [2] Millions of taxpayers might have qualified for a refund but did not file a federal income tax return for 2014.
If you are due a refund, you must file a federal income tax return to get your money. You typically have a three-year window following the return due date to claim your tax refund. To claim your refund for the 2014 tax year, your return must be postmarked on or before Tax Day, April 17, 2018. This goes for any 1040x Amended Tax returns if any deductions are credits needed to be added to already filed 2014 federal income taxes.
If you are unsure if you filed in 2014, you can request a tax transcript for the tax year 2014. Contact a professional tax professional to review and assist with any amendments. Students, part-time workers and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.
Be mindful, if you owe any federal system money for student loans ,back taxes and child support obligations, any tax refund will be offset by the amounts owed (we will discuss offsets later). Additionally, if you are not compliant or if you have not filed tax returns for 2015 and 2016, the IRS may hold your tax refund. Again this is why contacting a licensed professional is a must.
If you don’t file for your refund within the proper time frame, you lose your right to claim it: It becomes the property of the U.S. Treasury. Georgia, California, Florida , Texas and New York are in the top five state with the most predicted unclaimed refunds.
My office is always available to help. We service thousands of personal and business clients in 20 of the 50 states. Overseas military personnel as well. Contact us below for a free consultation and follow us for free financial tips, IRS News and more.
Booking site- https://financialelevation.as.me/
Email- [email protected]
Instagram- @Financial_elevation
Facebook- Financial Elevation
Twitter- @Moneyismybus
References: https://www.irs.gov/newsroom/irs-has-refunds-totaling-1-billion-for-people-who-have-not-filed-a-2013-federal-income-tax-return
-KJD 3/14/18 #MONEYISBUSINESS
