The IRS figures that an estimated 984,400 taxpayers are due some portion of a refund from 2009, and they are ready to start writing refund checks. Well, sort of…
Like all things IRS, it’s not exactly that easy, and there’s a catch. In order be eligible for that refund, taxpayers must do a little legwork and get “current” with the IRS. If you think you fall under this category and are interested in claiming your portion of the $917 million, then you have to file your 2009 federal tax return with the IRS (completed, addressed correctly, and postmarked) by April 15, 2013. Also, keep in mind that if you have not filed your 2010 or 2011 tax returns, the IRS will be holding on to your “potential” refund until you have filed those “years” as well, and they can properly determine if your 2009 refund can/should be applied to those tax year’s liabilities. In fact, if you have unpaid child support, past due federal student loans, IRS back taxes for other years, or even tax debts to state tax taxing authorities – your 2009 federal tax refund can be applied to that obligation first.
That being said, it is definitely in your best interest to file any back tax returns you have not filed. If you owe back taxes, and haven’t filed back tax returns, then two of the biggest reasons why you need to are: it reduces the amount the IRS thinks you owe them down to the amount you really owe them, and it allows you to set up a payment plan with the IRS. In fact, it’s worth noting that the IRS will not even enter into any type of payment plan with you until all back tax returns are filed.
If you have unfiled back tax returns and aren’t sure how to go about getting squared away with the IRS, or it seems just too daunting of task to take on by yourself, give us a call(888) 918-8121 or visit our help page on the assurancetaxadvisors.com website for more information.