Time's running out to claim a refund of prior-year tax payments
Tax Tip of the Week
April 6, 2015
Time's running out to claim a refund of prior-year tax payments
Have you fallen behind on filing prior year federal income tax returns? Here's a reason to catch up by April 15: You could lose the benefit of payments made in those earlier years.
In general, you have three years from the original due date of your tax return to claim a refund of income taxes withheld from your wages as well as other payments you made. That means time is running out to claim payments made during 2011. Federal income tax returns for that year were due April 17, 2012. The three-year period to file for a refund expires April 15, 2015.
Here's what you need to do.
- Gather copies of prior-year tax information. If you can't locate Forms W-2 and 1099, get a free wage and income transcript from the IRS. The transcript will show the amounts reported to the government, and can be requested online or by mail.
- File past returns on the tax forms for the correct year. Using the right forms lets you take advantage of the proper exemptions and deductions as well as any available tax credits.
- Mail completed prior year returns to the IRS. Past returns can't be e-filed, but the postmark date is considered the filing date. Be sure to get a postal receipt to verify that you met the April 15 deadline.
Please call if you have questions about how to catch up with your prior year tax filings, both state and federal. We'll help you get back on track.
"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable. If you would like more information on anything in "Business Tips," or if you'd like to be on our mailing list to receive other business, tax, or financial information from time to time, please contact our office.
The business information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
© MC 2015
April 6, 2015
Time's running out to claim a refund of prior-year tax payments
Have you fallen behind on filing prior year federal income tax returns? Here's a reason to catch up by April 15: You could lose the benefit of payments made in those earlier years.
In general, you have three years from the original due date of your tax return to claim a refund of income taxes withheld from your wages as well as other payments you made. That means time is running out to claim payments made during 2011. Federal income tax returns for that year were due April 17, 2012. The three-year period to file for a refund expires April 15, 2015.
Here's what you need to do.
- Gather copies of prior-year tax information. If you can't locate Forms W-2 and 1099, get a free wage and income transcript from the IRS. The transcript will show the amounts reported to the government, and can be requested online or by mail.
- File past returns on the tax forms for the correct year. Using the right forms lets you take advantage of the proper exemptions and deductions as well as any available tax credits.
- Mail completed prior year returns to the IRS. Past returns can't be e-filed, but the postmark date is considered the filing date. Be sure to get a postal receipt to verify that you met the April 15 deadline.
Please call if you have questions about how to catch up with your prior year tax filings, both state and federal. We'll help you get back on track.
"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable. If you would like more information on anything in "Business Tips," or if you'd like to be on our mailing list to receive other business, tax, or financial information from time to time, please contact our office.
The business information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
