Ask yourself: did you put filing your 2013 tax return on the back burner?
If your answer to that question is yes, stop procrastination and get your recipe books…I mean…receipts out! As with cooking, knowing the basics about filing a prior year tax return is a MUST. To help, take a look at the most common misconceptions about how to file late 2013 taxes below.
Fiction: I can’t claim my 2013 tax refund if I file late.
Fact: You’re in luck (for a little while anyways)! Thanks to the IRS’ statute of limitations, you have 3 whole years after the deadline to file and claim your refund. That means that for 2013 taxes, you have until April 15, 2017 to claim your refund. Be careful though. This rule does NOT apply if you owe the IRS so be absolutely sure that you don’t before intentionally waiting!
Fiction: I can still e-file.
Fact: Unfortunately, you’ve missed the train on this one. October 15th, 2014 was the absolute last day for you to e-file your 2013 tax return as an individual. That’s because the IRS shuts down their e-file system on this date each year.
Fiction: I can submit my 2013 tax return online to the IRS.
Fact: Nope, sorry but you’ll need to download, print, sign, and mail your 2013 tax return.
Fiction: I can’t prepare my late 2013 tax return online because I need tax forms and tax tables.
Fact: You can prepare your return in just 10 minutes with Priortax now. No tax forms, no tax tables, no tax rates: the application pulls these for you. And with help from our tax experts, we’ll have you skipping to the mail box in no time!
Fiction: I can’t file my 2013 tax return because I still have a 2012 tax return to file.
Fact: Yes, you can. To avoid the snowball effect of penalty fees and interest though, you should file both returns as soon as possible.