Don’t Miss Out on Your Tax Refund for 2019: A Reminder from the IRS
Introduction
It’s a few days after tax season, and many of you could be in a rush to put taxes behind you and focus on something else – life, work, or business. However, the Internal Revenue Service (IRS) is reminding you, the taxpayers, about a tax issue that could potentially impact you. You should, thus, take a moment to read about this and act on it if need be. The IRS is reminding you about your 2019 tax refund.
According to the IRS, about $1.5 billion in tax refunds for the tax year 2019 is up for grabs. They have given taxpayers until July 17, 2023, to claim these refunds. And yes, you guessed right – you can only claim these refunds by filing your 2019 tax return. The IRS knows that many taxpayers did not file these returns because the tax filing season fell right at the beginning of the pandemic.
Thus, with the July 17, 2023, deadline fast approaching, it’s essential to file your tax return for the year 2019 and claim any potential refunds owed to you.
In this comprehensive guide, we’ll go over why it’s crucial not to miss out on your potential refund, how to file your tax return before the deadline, and what resources and tools are available to you.
Why You Shouldn’t Miss Out on Your Potential Refund:
According to the IRS, over 1.3 million taxpayers have not yet filed their tax return for the year 2019, and they could potentially be owed a refund. The average potential refund for those who have not yet filed their tax return is over $900. That’s money that could be in your pocket, paying off debts, or saving for the future.
Moreover, taxpayers who are due a refund for the year 2019 will not face any penalties or fees for filing their return after the deadline. However, if you do not file your tax return by the July 17 deadline, you will forfeit any potential refund owed to you.
How to File Your Tax Return for the Year 2019
If you haven’t filed your tax return for the year 2019 yet, don’t worry; there’s still time to do so. Here are some steps to follow:
1. Gather Your Tax Documents
To file your tax return for the year 2019, you’ll need to have all the necessary tax documents on hand. These may include W-2 forms, 1099 forms, 1098 forms, and any other documents related to your income and deductions for the year.
This is the reason it is crucial to safely keep all tax documents, even those from past years. Taxpayers without these documents may fail to claim refunds from 2019. If you are lucky and get your refund, you may potentially face an audit later and be in trouble for the lack of these documents. So, if you can’t produce documents, don’t claim to say safe.
2. Use the Right Tax Forms
The IRS offers several tax forms for different types of taxpayers and situations. Make sure to use the right tax form for your situation, whether you’re an individual, a business owner, or have other special circumstances.
3. Consider Using Tax Preparation Software (Not recommended)
Tax preparation software can help simplify the tax filing process and ensure that you file your tax return accurately. Many tax preparation software options are available, including both free and paid versions.
HOWEVER, only use tax software if you have an “easy” return with only W-2s. If you own a business or have income from more than one source or receive tips, it is better to hire a professional tax preparer to prepare these returns for you and help you get the refund.
4. File Your Tax Return Electronically
The IRS encourages taxpayers to file their tax returns electronically, which can help speed up the processing time and reduce the chances of errors. You can file your tax return electronically even if you file through a tax professional.
You should also choose the direct deposit method so that your refund is sent directly to your bank account. It’s safe this way.
What Resources and Tools Are Available to You?
The IRS provides several resources and tools to help taxpayers file their tax returns. You can find these resources on the IRS website.
However, finding this information and absorbing it rightly always proves to be very difficult for many taxpayers. That is why consulting with a qualified tax professional is heavily encouraged. This can also help ensure that you file your tax return accurately and maximize your potential refund.
Conclusion
Don’t miss out on your potential tax refund for the year 2019. With the July 17 deadline fast approaching, make sure to file your tax return as soon as possible and claim any potential refunds owed to you. Use the resources and tools available to you. You can find these on the IRS website. And remember, consulting with a qualified tax professional can also help ensure that you file.
We are helping many taxpayers who want to claim their 2019 tax refunds. If you want me to prepare these tax returns for me, contact me as soon as possible. You can call my team at (202)-618-1297 or follow the instructions on this link.
Frequently Asked Questions
- How do I check my state tax refund in IL?
If you are looking to check the status of your Illinois state tax refund, the Illinois Department of Revenue website is the best place to start by visiting the website of the IL government. You can enter your Social Security Number, filing status, and refund amount to check the status of your refund. The website is easy to navigate and provides a convenient way to monitor the progress of your refund.
- How much interest income is taxable?
The taxability of interest income depends on several factors, including your filing status, income level, and the type of interest income earned. Generally, most interest income is taxable at the federal level and may also be taxable at the state and local levels. To determine the taxability of your interest income, it’s essential to review the IRS guidelines and consult with a qualified tax professional.
- Where can I check my refund status?
Checking the status of your tax refund is a simple process. To check your federal tax refund status, you can visit the IRS website at https://www.irs.gov/refunds. For state tax refund status, you will need to visit your state’s Department of Revenue website and follow the instructions provided. It’s essential to have your Social Security Number, filing status, and refund amount on hand when checking your refund status.
- Who is not required to file income tax returns?
Not everyone is required to file an income tax return. Generally, individuals who earn below a certain income threshold are not required to file a tax return. The income threshold varies depending on several factors, including filing status, age, and type of income earned. If you are unsure whether you need to file a tax return, it’s essential to consult with the IRS or a qualified tax professional to determine your filing requirements.
- Where is my 2019 US tax refund?
To check the status of your 2019 US tax refund, you can visit the IRS website at https://www.irs.gov/refunds. The website allows you to enter your Social Security Number, filing status, and refund amount to check the status of your refund. It’s important to note that processing times for tax refunds may vary, and it’s not uncommon for refunds to take several weeks or even months to process.
- How do I file my annual tax return?
Filing your annual tax return is an important part of managing your finances. To file your tax return, you will need to gather all the necessary tax documents, including W-2 forms, 1099 forms, and any other documents related to your income and deductions for the year. You can file your tax return electronically using tax preparation software or through the IRS’s Free File program. Alternatively, you can file a paper return by mail. It’s essential to ensure that you use the correct tax forms and file your return accurately to avoid any penalties or fees. If you need assistance filing your tax return, you can consult with a qualified tax professional like us at Suncrest Financial Services or seek help from the IRS Taxpayer Assistance Center. By taking the time to file your tax return accurately and on time, you can avoid potential complications and ensure that you are in compliance with tax laws and regulations.
