The IRS released a statement today advising that an estimated 916,600 people have not filed their federal income tax return for 2010. And, what's more interesting is the fact that approximately $760 MILLION IN POTENTIAL REFUNDS MAY BE WAITING FOR THESE FOLKS!!
Now, there is a catch . . . with the IRS there always is, right?
In order to collect this money, you must file your 2010 return no later than Tuesday, April 15, 2014! (This means the return must be properly addressed, postmarked and mailed by that date.)
What's the rush? Why so urgent? Why now?
It's because there is a three-year window of opportunity for claiming your refund. The law says that if you file your tax return after three years,the money becomes the property of the U.S. government!!It doesn't matter if it's one dollar or one million dollars – it still becomes the government's!!
Look, there is no penalty for filing a late return which qualifies for a refund. So . . . if you worked during 2010 and your employer withheld taxes from your paycheck you should look into getting your return prepared and filed by April 15th! This includes students and part-time workers. This also includes people who may not have filed because they had too little income to require the filing of a return.
If you made tax payments from your wages, you could be entitled to a refund!!!
And, there's more. Even if you didn't make tax payments you should still look into getting your 2010 return prepared by April 15th!
Because the three-year rule also applies to credits!! So, if you qualify for the Earned Income Tax Credit (EITC) for 2010, which can be worth as much as $5,666, you will be giving this money to the U.S. government if you don't file your 2010 return by April 15th!!
If you would like to discuss your 2010 return or have a consult with one of our tax professionals, attorneys or CPAs, please call us at (337) 233-4210.
We will be happy to give you our honest opinion about whether it's worth your time and effort.