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Tag: tax refund

Posts Tagged ‘tax refund’

File My 2019 Taxes Electronically

Posted by admin on November 9, 2021
Last modified: November 16, 2021

Did you know that the income threshold is different if you are self-employed? You needed to file your 2019 taxes if you had at least $400 of net earnings from self-employment. You can still file your 2019 taxes if this applies to you and you did not fulfill your filing requirements in 2020.

If You are Expecting a Tax Refund

If you are expecting a tax refund, you have three years to file your prior year’s taxes. That means that April 15, 2023 is the deadline to submit your 2019 tax return and claim your 2019 tax refund.

After that date, the amount the IRS owes you is retained by the government and goes to the U.S. Treasury. After that date, you will also be unable to apply any excess tax paid toward another tax year where you owe income tax.

You may also be owed money by the IRS even if you earned less than the minimum gross income and weren’t required to file your 2019 taxes. Your employer may have withheld income tax for you throughout 2019 that you can claim back. 

You aren’t able to get any of your money owed back until you file. So, if you haven’t yet filed your 2019 taxes you should file as soon as possible to get your money as soon as possible.

file my 2019 taxes electronically
file my 2019 taxes electronically

If You Owe Taxes

If you owe taxes, it will often be a good idea to file your prior year’s taxes, even if you are not currently able to pay your unpaid tax bill in full. Although you can face tax penalties filing your 2019 taxes after the deadline, you can reduce these the earlier you file.

The IRS has both late filing and late payment penalties. However, the late filing penalty will usually work to be more expensive than the late payment penalty. This is why you can generally benefit from filing even if you are unable to pay your full unpaid tax bill.

This advice remains true even if you owe a significant amount to the IRS but cannot pay your full tax bill for 2019. After filing your 2019 taxes, you can then benefit from working out a tax payment plan with the IRS. This has a few benefits:

  • By filing your 2019 tax return, you can put a stop to the more considerable late filing penalties. Remember that letting IRS late filing penalties will usually end up being much more costly than the equivalent late payment penalties.
  • Contacting the IRS to be put on a payment plan means that you can pay off your tax bill according to what you are able to afford.
  • A payment plan in place to pay your outstanding tax bill means that you can avoid more severe forms of collection enforcement for that bill.

And, can I still file my 2019 taxes electronically?

No. Unfortunately, you cannot still file your 2019 taxes electronically. The deadline to file your 2019 taxes electronically was October 15, 2020. However, there are options available so that you can put together the paperwork for your 2019 taxes electronically. Once the documents for your 2019 tax return are completed, you can print and mail them to the IRS and/or the relevant state tax agencies.

Free tax transcripts from the IRS are available for the current tax year at RapidTax.com and the past three years at PriorTax.com, so, you have until 2023 to request a free tax transcript for the 2019 tax year. 

PriorTax.com can help you file your prior tax returns and answer any questions you may have during the process. We can review and prep your documents for you to download, print, sign, and mail off.

Is your 2020 tax refund still processing with the IRS?

Posted by Manisha Hansraj on June 10, 2021
Last modified: June 10, 2021
tax refund delay 2021

Like many taxpayers, your tax refund may be delayed.

The COVID-19 pandemic hit the world by storm. From stimulus payments, tax changes and extending the tax deadline, your refund may be taking longer than expected.

If you noticed that your tax refund is stuck on the “processing” status when checking the IRS Where’s My Refund Tool, you may need to allow some more time for the IRS to disburse your refund. Instead of taxpayers receiving their tax refund within two to three weeks, taxpayers are waiting from six to eight weeks to get their refund.

Here’s why your refund may still be delayed with the IRS.

Recovery Rebate Credit

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When does the additional $300 unemployment benefit begin?

Posted by Manisha Hansraj on August 25, 2020
Last modified: August 25, 2020
$300 unemployment benefit

Jobless Americans are worrying about their unemployment benefits.

Since the extra $600 weekly benefit disappeared, their income is significantly less. Those who are out of work depend on their unemployment income to pay their bills.

Recently, President Donald Trump issued a measure for $400 per week to aid Americans.

However, instead, it’s an additional $300 unemployment benefit. States should provide the extra $100, but it’s up to them to distribute this.

Eligibility

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10 Reasons to File Your Prior Year Tax Return Now

Posted by Manisha Hansraj on December 3, 2019
Last modified: December 5, 2019
prior year tax return

It’s not too late to file your taxes.

Life is never put on hold, even for tax season. Before you know it, the April and even October deadline fly right by. Then, you forget to file it next tax season and then the season after that.

However, although the deadlines go by, you should still file your prior year tax return. Here are some reasons why.

1. You’re getting a refund

One of the most important things to remember is that the IRS does not wait for anyone. According to the IRS, you have a three-year statute of limitations for refunds; meaning you can only claim tax refunds going back three tax years within the original April due date.

For example, if you want to claim a 2016 tax refund, your last chance to claim it is April 15, 2020. This means you must file by that date to get your refund. Therefore, any tax years going back from 2016 cannot be claimed.

Check out our helpful tax calculators to determine your refund for relevant tax years.

2. The IRS can hold your current year refund

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Did You Miss The 2018 Tax Deadline?

Posted by Manisha Hansraj on October 14, 2019
Last modified: October 23, 2019
missed 2018 tax deadline

Time waits for no one, especially the tax season.

With the year ending soon, another tax season is on the way. If you’re stuck trying to figure out what the next steps are for the missed 2018 tax deadline, keep reading.

Can you still e-file your 2018 tax return?

Although April 15, 2019, was the original tax deadline, you can still e-file your tax return until October 15, 2019. After this date, you will be required to paper-file your tax return. This means that you must to print, sign, and mail your tax return to the IRS and your state department of revenue.

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How to File Your 2017 Taxes

Posted by Manisha Hansraj on May 31, 2019
Last modified: July 27, 2020

2017 taxes

Did you miss the tax deadline for your 2017 taxes?

Although you’re late, you can still file your late 2017 taxes. However, you won’t be able to e-file your tax return.

Dates to remember

The 2018 tax season ran from January 29, 2018, to October 15, 2018. The official tax deadline was April 17, 2018, due to April 15 falling on a weekend and Emancipation Day following after. The e-file and extension deadline was October 15, 2018; therefore, you are now required to mail your return to the IRS.

Can I still claim a refund?

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April 15, 2020 is the Last Chance to Claim Your 2016 Refund!

Posted by Manisha Hansraj on May 6, 2019
Last modified: May 9, 2019

2016 refund

Set an alarm on your phone, write on your notepad or put an “x” on your calendar.

Like most taxpayers, you may be rushing to claim your prior year refunds. If you remember that you have a 2016 refund waiting for you, you’re not too late.

Read below to find out if you can still claim your refund.

Can I still claim my refund?

Luckily, because of the IRS Statute of Limitations for prior year refunds. You have three years from the original tax deadline of your return to claim your refund. Otherwise, your refund expires and goes straight to the IRS. That being said, the original tax deadline for 2016 taxes was April 18, 2017, due to April 15th falling on the weekend and Emancipation Day right after.

Deadline to claim your refund

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Tax Deadlines for the 2019 Tax Season!

Posted by Manisha Hansraj on April 12, 2019
Last modified: April 12, 2019

2019 tax deadlines

Important upcoming deadlines you need to know.

Tax season is a stressful time for some taxpayers. However, knowing each tax deadline will give you a heads up so you know how to stay on top of your game.

For all the 2019 tax deadlines that are left, take a look at the list of due dates below.

April 15, 2019

  • Individual Income Taxes deadline
  • Last day to file and pay if you owe taxes to the IRS without accumulating penalties
  • Final day to file a tax extension to the IRS
  • First Estimated Quarterly Tax Payment due
  • Sole proprietor, LLC, and corporation taxes due
  • IRA contribution deadline
  • Last day to postmark, paper-file and claim your 2015 refund

April 17, 2019

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Can I Deduct My W-2 Job Expenses?

Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019

w-2 job expenses

The new tax season brought in a lot of changes, and your job expenses are one of them.

If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses.

Here’s the breakdown.

Eligibility

The new tax laws have narrowed down on who claims their W-2 job expenses, mainly by their occupation.

You can only deduct your job expenses if you’re one of the following: (more…)

What is a 1098-T Form?

Posted by Manisha Hansraj on February 27, 2019
Last modified: February 28, 2019

1098-t

Unfortunately, education isn’t free for some students.

If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school.

What does a 1098-T statement look like?

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