Time Running Out to Claim Tax Refund!

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Many taxpayers do not realize that April 15th is not the only important tax deadline coming up. Just next month, time runs out to collect your tax refund. That is, for tax year 2020.

If you have not yet filed your 2020 tax return, the IRS recommends you do so promptly. Without filing a tax return, the IRS cannot determine your preferred refund amount, as it does not know which deductions and credits you wish to claim to reduce your tax liability and increase your refund. For example, if you have the ability to claim enough deductions to offset your taxable income more than the standard deduction, and you can claim tax credits, the IRS has no way of knowing without processing your tax return with this information on it. In turn, this means you could be missing out on a substantial refund.

Typically, the deadline to claim a tax refund is 3 years from the April 15th filing deadline. However, due to difficult circumstances perpetrated by the pandemic, taxpayers were given until May 17th, 2021 to file their tax return. This has pushed the refund claiming deadline to May 17th, 2024, which is just over a month away.

Tax year 2020 is particularly important to file your tax return and claim your refund due to the recovery rebate credit. If you missed out on stimulus checks during the pandemic, now is your final chance to claim them.

Since it’s been a few years since then, you may feel you need the right guidance to file your 2020 tax return. That is where XQ CPA can help. Our team of experienced tax professionals will be with you every step of the way to ensure your tax return is filed correctly and on time to claim your 2020 tax refund. Give us a call or book a consultation online today.

Phone: 832-295-3353

Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php

Source: https://www.washingtonpost.com/business/2024/03/27/2020-unclaimed-tax-refunds/

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