The deadline to file your 2019 tax return on time may have already passed. But if you’ve been putting off filing, there is no better time to file than today. By filing your 2019 tax return today, you will be able to minimize the amount you will eventually have to pay. In addition to interest on unpaid taxes, the IRS also has late filing and late payment penalties. Filing your 2019 tax return can stop the filing penalties from racking up, which is good news that can save you money. And if you overpaid and are owed a tax refund, by filing your 2019 tax return today, you will be able to claim your refund before it’s too late and ends up in the U.S. Treasury.
If you expect a prior year tax refund, you have three years from the original tax return deadline to file your prior year tax return and claim your refund. When you are eligible for a tax refund, there is no worry about penalties here. If you owe taxes, there is no deadline to file a prior year tax return. However, you should be aware of late filing and late payment penalties from the IRS in this case. In most instances, the IRS requires individuals to file their tax returns for the last six tax years, if required to file, to be considered squared away and in good standing with the IRS.
If you haven’t yet filed your tax return for 2020, a tax refund calculator can be a good step so that there are no surprises as you prepare your tax return. The 2020 tax refund calculator asks you a few questions regarding your personal situation, income, and expenses during 2020. Using this information, it will give you an estimate of how much of a refund to expect from the IRS or how much of your tax bill to the IRS is still outstanding.
you can still file your 2019 taxes. And there are many reasons why it can be a good idea to file your 2019 taxes at this point.
If you owe taxes, it will often be a good idea to file my prior year’s taxes, even if you are not currently able to pay your unpaid tax bill in full. Although you can face tax penalties filing your 2019 taxes after the deadline, you can reduce these the earlier you file.
If you need to file back taxes for 2019, a tax calculator is something you’ll want to have in your back pocket during the process. A federal tax calculator for the 2019 tax year will give you an estimate of what your tax liability was for that year and can help guide your next steps.
How to File Prior Year Taxes
Don’t stress about how to file prior year taxes. It is a step-by-step process that you can follow to file your prior year tax returns with confidence. Getting on top of filing prior year taxes may be easier than you think.
Now that you’ve decided to get back on track with your tax filing obligations, where to start? The first step to filing any prior-year tax return, including your 2019 taxes, is to gather all the information you will need.
Like many taxpayers, your tax refund may be delayed. The COVID-19 pandemic hit the world by storm. From stimulus payments, tax changes and extending the tax deadline, your refund may be taking longer than expected. If you noticed that your tax refund is stuck on the “processing” status when checking the IRS Where’s My Refund […]
The tax deadline has come and gone. If you didn’t file a tax return as yet, we advise that you do it as soon as possible. If you missed the 2021 tax deadline, the good news is you can still file. Here’s some helpful information before getting started. Getting a refund? If you’re due a […]
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