Title: Last Call for 2021 Tax Returns: What You Need to Know Before April 15th
Hey there, Extreme Investor Network readers! If you’re still holding onto your 2021 tax return like a secret stash of candy, it’s time to act fast. With the April 15 deadline barreling towards us, let’s delve into the nitty-gritty of what you need to do if you haven’t filed yet and how to snag any missed benefits. Your financial future could depend on it!
The Countdown is On
If you never received a pandemic-era IRS stimulus check for 2021, you may be eligible for the recovery rebate credit on your tax return. This could mean up to $1,400 in extra cash to bolster your pocket. According to Robert Nassau, law professor at Syracuse University and director of their low-income tax clinic, “If you didn’t get the stimulus, you’re running out of time.”
But wait, there’s more! Missing this deadline could also mean missing out on other tax breaks like the Earned Income Tax Credit (EITC), which is designed to help low-income workers and can trigger a refund even if you owe no taxes. The IRS has estimated that over $1 billion in refunds remains unclaimed for the 2021 tax year, affecting more than 1.1 million taxpayers with a median unpaid refund of $781. Imagine the possibilities that could open up for your financial journey with that cash in hand!
How to Check Your IRS Status
Wondering if you missed out on any pandemic payments? Here’s a pro tip: set up an online account with the IRS. By accessing your “tax records” under the "records and status" toolbar, you can see any stimulus payments issued or confirm whether you filed your 2021 return. Tommy Lucas, a certified financial planner, attests that this is “the best place to look.”
File It Right—On Time!
While various free tax filing options are available, not all of them will allow electronic submissions for previously filed returns like 2021. Nassau advises that if you must mail your return, do so via certified mail for proof of submission by the April 15 deadline. “Spend the $5 and send it certified,” Nassau suggests. This way, you have a concrete record that the IRS received your documents on time.
Missed the Deadline? Here’s What to Do
Besides worrying about lost credits, missing the filing deadline could also hamper your financial future. If you find yourself past the April 15 deadline, consider filing your taxes as soon as possible. Late filings aren’t just about penalties and interest; they could also lead to larger financial impacts, such as reduced future refunds or hindered access to certain financial support programs.
Our Commitment to Your Financial Health
At Extreme Investor Network, we’re dedicated to bringing you timely and accurate financial advice that empowers you to make the best decisions for your wealth-building journey. Keep in mind, whether it’s understanding your tax obligations or capitalizing on financial opportunities, the right information can pave the way to greater financial freedom.
Final Thoughts
So, if you’ve been dragging your feet, remember: April 15 is the last chance to claim missed stimulus payments and tax credits. Missing the window doesn’t just mean forgoing a potential refund—it could also impact your long-term financial health. Don’t wait any longer; file your 2021 taxes ASAP and harness the benefits you deserve!
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Happy filing from your friends at Extreme Investor Network!