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Don’t Owe Taxes? You Still Need to File

Audio version available here (1 min. 40 sec.)


If you paid taxes throughout the year by having taxes withheld on your paychecks, or through making estimated payments every quarter, you may feel that it is unnecessary to file a tax return with the IRS since you do not owe any further tax balance. However, this is far from the truth. In fact, you could be missing out on a refund you are entitled to, and after a certain amount of time, that money will be taken by the federal government.


You may be entitled to a refund from the IRS if you overpaid your taxes throughout the year, or if you qualify for refundable credits, which can be paid to you even if you do not owe a tax balance. The caveat is that you cannot have your refund issued to you until you tell the federal government that you want it—that is—filing your tax return. Without filing your tax return, the IRS assumes that you do not want your refund paid to you and will keep it instead.


The good thing is that you have time to file your tax return and claim your refund. This doesn’t just apply to the most recent tax year. In fact, the statute of limitations to claim your refund is one of two scenarios:

  1. Within three years of filing your tax return.

  2. Within two years of paying your taxes.


Since you have not yet filed your tax return, you have up to two years since you paid your taxes to claim your refund. Meaning, you can still receive a refund from taxes you overpaid in 2022 and 2023.


Letting your money go to waste because you procrastinate filing your tax return is unwise. Get the most out of your potential refund by filing ASAP. If you need assistance, look no further! XQ CPA’s tax team would be happy to guide you in maximizing your refund. Simply give us a call or schedule an appointment at the link below.


Phone: 832-295-3353


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Sources:


Want to pay less taxes? Read XQ CPA's official tax planning guidebook! How to Grow Your Wealth Through Tax Planning.

Close up of pen and $100 bills laid over an Individual Income Tax Return

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