Did you forget to file your tax return for 2014? If so, you might want to. There is $1.1 billion waiting in IRS coffers for an estimated one million people to file their 2014 tax returns claiming a refund.
If you’re one of them, now’s the time to act.
“Time is running out for people who haven’t filed tax returns to claim their refunds,” said Acting IRS Commissioner David Kautter in an IRS press release. “Students, part-time workers, and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.”
You have three years to claim a refund for any given tax year. That means the clock on 2014 refunds runs out at midnight April 17, the deadline for filing your 2017 tax return, unless you extended the return.
What happens to the money if you don’t claim it? It becomes property of the U.S. Treasury.
How much do you stand to gain?
The amount of the refund (or whether you would get one at all) depends on your individual situation.
IRS estimates that the median refund for 2014 non-filers is $847.
However, those who qualify for the Earned Income Tax Credit (EITC) may be missing out on as much as $6,143.
Other Things You Need to Know About Receiving a Refund
You need to make sure you have filed for 2015 and 2016 tax years as well, or your 2014 refund may be held.
If you owe money to the IRS, your 2014 refund will go against your balance due. It may also be used to pay money you owe to the state tax agency or unpaid child support or other federal debt such as a student loan. Still…it is money you don’t have to pay out of pocket to reduce that debt (if you have it).
If you don’t have the forms you need to file for 2014, don’t worry. You can order a wage and transcript from the IRS or get in touch with a tax preparer ASAP.
Don’t Leave Money on the Table
If you are owed a refund (or even if you think you might) it makes sense to take action now. There are only 12 days to go before the deadline!
Call us at (772) 337-1040 if you need help claiming your 2014 refund, but remember that you only have a short window.
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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.
The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax & Accounting Services, visit https://sfstaxacct.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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