Are you still holding off on filing your 2020 tax returns? Well, time is running out as May 17 is the deadline to submit your returns and claim any refunds you may be owed. According to experts, there is still an estimated $1 billion in unclaimed refunds from tax year 2020, with the median payment being $932. This could include missed pandemic relief funds that you are entitled to.
At Extreme Investor Network, we understand the importance of maximizing your refunds and not leaving money on the table. The deadline is crucial because there is a three-year expiration after each tax deadline to claim your refund. If you miss this deadline, you could be forfeiting money that is rightfully yours. As the national director of tax technical services at CBIZ MHM, Bill Smith, said, “You won’t get your refund when the statute of limitations has run out.”
Furthermore, 2020 offered additional tax breaks and credits for certain filers, such as the recovery rebate credit for those who didn’t receive economic impact payments. If you are eligible for relief and fail to file your return by May 17, you could be missing out on valuable dollars that could be in your pocket.
If the idea of sorting through past filings seems daunting, don’t worry. The IRS provides tools to make the process easier, such as accessing your wage and income transcripts through your free online IRS account. This can serve as a roadmap to gather missing information and determine if you need to reach out to past employers or financial institutions for additional forms.
Don’t let the opportunity to claim your refund slip away. Act now and file your 2020 tax returns before the May 17 deadline to ensure you receive the money you deserve. Stay informed and maximize your refunds with Extreme Investor Network.