Do I Need To Complete a Tax Return?

Answered: Do I Need To Complete a Tax Return?

Have you been thinking to yourself, ‘Do I need to complete a tax return?’ Here is some information to help you.

People who receive a notice to file a tax return must complete a tax return. Even if you had no income or made a loss in your business for that year.

They need to pay the sum owed before the Apr deadline when a taxpayer owes money on their taxes.

Similarly, you need to file a tax return if you are expecting a tax refund.

There aren’t any penalties assessed to those who are due a refund but don’t file their tax returns while there would be penalties for failing to some pay taxes in time.

With busy schedules and lives, it is likely that someone may not find the time.

Will I Get Late Penalties If I Don’t File My Tax Return?

As mentioned before, there is the prospect of late fees alongside other extra penalties for people that owe taxes.

Consequently, many people who’re expected to owe money are more inclined to get the time to have their taxes done punctually than people who do not.

There are no penalties for taxpayers who’re predicted to get a refund to file their taxes however, there could be. That problem is what’s known as unclaimed tax refunds.

These are tax refunds that would be due to a taxpayer that was specific, however, they failed to claim them.

When put off, it is totally forgotten about and the do not send their tax forms as a result.

Though nearly all People in America anticipate the day their tax refund arrives.

Tax Refunds And Completing a Tax Return

Filing a tax refund is a relatively simple process.

For under 30 dollars an individual can buy a tax software program which will make tax preparation easy and quick.

Most taxpayers can prepare their very own paper taxes by filling out some federal forms 1040 A or a 1040 EZ form.

All these forms are very likely to take less than an hour or so for the average taxpayer to complete if your financial situation is straightforward.

A taxpayer has until 3 years after the year that they were supposed to submit the tax return to claim their refund.

For taxpayers to get their refund they’ve to document the federal or state tax return forms that they previously failed to document.

Summary

Since the tax regulations change from year to year, a citizen looking to claim the unclaimed tax refund must use some tax forms for the year they missed.

The same can be done with most old state tax forms if you were unsure and missed past year tax deadlines.

When you know the answer to ‘Do I need to complete a tax return?’ take the next step and speak to a tax expert who can save you more money.

To do so people are urged to visit the website of their state tax department and after that download the specific forms they need.

To book a Free Tax Consultation click here today.

It’s not easy to imagine why a taxpayer wouldn’t want to claim their tax refund.

Unclaimed tax refunds don’t benefit anyone, but the federal or state government.

A tax refund is money that’s owed to a taxpayer because she or he paid too much in taxes.