Even if you are not required to apply, you may want to do so. This way, you can get a refund of any withholding or refundable credit. You can usually still get a refund up to three years in advance. Unfortunately, there is a limit to how old you can file a tax return to request refunds and tax credits.
This IRS only allows you to apply for tax refunds and credits within three years of the original due date of the tax return. If you don't file your return within three years of the due date, you could end up not receiving a tax refund because you can no longer apply for lucrative tax credits or any additional withholding from your paycheck. If you don't file your return, you may have to pay an additional 5% of the unpaid taxes you had to declare for each month your tax return is delayed, up to five months. You won't be charged any penalty for filing taxes after the deadline if you're owed a refund and you don't owe taxes.
Your tax filing process will depend on whether you file a tax return for the first time or modify a return. When you file your tax return, be sure to include the attachments or other forms needed for the different tax credits. You can also choose to reach a settlement agreement or any type of income tax forgiveness that may apply to you. Filing taxes from previous years can help reduce any penalty or interest you may owe if you had to file taxes in previous years, but didn't.
However, the IRS only allows you to apply for tax refunds and credits within three years of the original due date of the tax return. In these cases, filing a tax return could result in a tax refund that deposits money into your bank account. Filing an overdue tax return can also help you avoid tax liens, making it easier to protect your credit. Self-employed people have to pay Social Security and Medicare taxes through their individual income tax returns.
If you didn't file taxes in a previous year, you'll need to submit all tax forms (including attachments) for that year. Review the tax forms you collect for the year of the tax return you file to make sure you are using the correct forms. Some Voluntary Tax Assistance (VITA) sites have the ability, outside of the busy tax season, to help with previous returns.
Leave Reply