According to law, taxpayers usually can have three years to apply for a tax return and to do entitlement of tax refunds, if they could not able to file their income taxes. The duration of three years starts just after the original due date. Each year, more than one million people don’t register for returning of their taxes, in USA. Because of not filing their case, they lose their refund, whose quantity if $600, as mentioned by Internal Revenue Service estimates.
If you think you have gotten late for putting the case of return, make the process fast. But, don’t rush the things because they lead to mistakes. Many companies can help you and provide the guide. TaxReturn24/7 is one of them which provides online service of filing the case. You just need to visit www.taxreturn247.com.au for getting the guide online, or you can call at their number and apply for the process of tax return.
Here is a guide which include some points you should keep in mind before filing the case, especially for those who have last chance to file the case of their tax.
- Withholdings that were forgotten
According to IRS, there is a limit on gross income below which you don’t have to apply for tax return. For instance, if your age is 65 in 2016, you are single and you earned less than $10,000 then you don’t have compulsion of filing for the return. But, you must keep in mind that if you don’t have the tax withhold, you lose the chance of getting the EITC fund. So, if you don’t need to file the case, that doesn’t mean you don’t actually consider it.
- Deadline for filing the tax return
If April 5, 2016 is the deadline for filing the case of the tax of 2012, your deadline will be extended to six more months. If you miss that day, all the tax which you paid monthly or quarterly, will be sent to account of US reserves. In such case, IRS will hold back your tax refunds and use it to pay any past dues which you missed like federal tax, student loan, child support etc. for the tax of 2013, your deadline will be April 15, 2017.
- Hurdles to tax refund
One hurdle that you will need to overcome during carrying out the process of refund is gathering all the documents. If you have kept the financial records, it will get easier for you to proceed further. But, if you don’t have all the necessary documents of your financial record, you will have to make a filing schedule, to get a copy of the W-2 from your employer and a 1099 form from your bank.
In the case of failure of document search, IRS will assist you, and you can take your transcript of these information returns, from the agency.
For all those candidates who have missed their deadline for filing their case of tax return, they can take online help to have the proper guide from initial to final and step and can also make the filing process through various websites.» Read more