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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.
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.
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.
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.
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.
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.
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
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…)
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.
Generosity has its perks, or rather its tax benefits.
Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017.
Due to the Tax Cuts and Jobs Act (TCJA), taxpayers who itemize may face some difficulties next year.
Read on to find out what you can do to be prepared for next year!
“Bunching,” a word that people can’t stop talking about.
If you’re surfing the web for information on charitable donations, you might run into the term, “bunching.” It may be confusing, so we’re here to clear it up for you. (more…)
