Another April 15 has come and gone Did you file your taxes on time?
There are many reasons people get behind on their taxes. Some anticipate a refund, and put off the chore of filing because they know they wont owe. While the IRS doesnt penalize those getting refunds for filing late, there can still be consequences.
Many of our clients come to us with several years of back taxes unfiled. Its always sad when we file 6 or 7 years of back tax returns, and several thousand dollars of refunds are disallowed due to expiration. Did you know that your right to claim a refund will expire three years from the due date of that tax return? In other words, if you had a refund due to you for 2005, it expired on 4/15/09. There are also expirations on the stimulus payments we receive. Even if you usually owe, you want to make sure to file promptly, because stimulus payments will be credited against your balance, reducing your liability.
If you havent filed because youre missing documents, or are overwhelmed by the task of filing many years worth of back returns, we can assist you; just get in touch with us through the website or on the phone.