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Tag: taxes owed

Posts Tagged ‘taxes owed’

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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When is the Deadline to File Taxes for 2018?

Posted by Manisha Hansraj on September 19, 2018
Last modified: November 28, 2018

deadline to file taxes 2018

Am I too late to file my 2017 taxes?

For taxpayers who are receiving a refund, there’s absolutely nothing to worry about! The IRS does not attach penalties to late returns that have refunds. On the other hand, if you had a tax due to the IRS, you must have paid your taxes to the IRS by the tax deadline which was April 17, 2018 or you will be subject to penalties.

Read on to find out the steps you need to take in order to file your return.

Can I still E-file?

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