It's Not Too Late To Claim Your 2011 Refund
Posted by: Brookside Admin
Did you file a tax return last year? How about in years before that? More than 1-million Americans choose not to file a return with the IRS every year and not all of them owe any additional payment. On average, taxpayers who fail to file a return are actually owed $600 in refunds each year. If you're among those that didn't file previously but are owed a refund, it's not too late. You have three years to submit a return and claim a refund, which means this year's tax deadline of April 15th is also the deadline to claim a refund from 2011. For help claiming your refund, call Brown Kinion and Company and we'll walk you through it and help you find the correct forms.
At the Don't Mess With Taxes blog, you can see a breakdown by state of where the unclaimed refund money from 2011 belongs. In Oklahoma alone, there is nearly $18-million in unclaimed tax refunds that's about to become the property of the US Government. That's an average of $700 per non-filer. The IRS estimates that overall, there's $1-billion available to those who failed to file the first time around.
In many cases, these individuals neglect to file a tax return because they don't meet income levels requiring them to file. But, they fail to take into account that their employer has been removing taxes from their wages with each paycheck. That means they're actually owed those taxes that have been paid throughout the year. They can even claim additional tax credits when they submit their return.
There are two primary concerns you'll need to consider before claiming your available refund, however. First, you need to gather the proper documents. Filing your 2011 return means you need your financial records from 2011. Second, if you've also failed to file a return in 2012 or 2013, the IRS could hold your refund to pay any taxes you may owe from those years. The IRS may hold your refund check even if you don't owe back taxes but haven't failed in past years.
The CPAs at Brown Kinion and Company want to help you get any tax refund you're entitled to. For help with this year's taxes, previous year's returns or tax planning for the future, contact us at our Broken Arrow or Tulsa / Bixby offices.