Another Deadline

I could start off this post telling you how the tax deadline is approaching and you would shake your head in the most time-honored “oh, I know” tradition. And yes, the calendar has turned to April so how quickly the 15th is coming is well known. There is another deadline coming, though, and it is not nearly as obvious.

For see, if you own the IRS money and do not file your taxes on time, the agency will hop on that and immediately start charging you fees and interest. If you do not owe the IRS money, though, and do not file your taxes, the agency is not going to track you down so that it can hand you a check. And it’s not as if the IRS doesn’t know it owes people money.

The agency gives you three years to file your taxes if you are in this situation. That means it has been sending out notices for those who have not filed for tax year 2020. And the IRS estimates that there is more than $1 billion out there for that year which has not been claimed.

Yeah, billion … with a B.

So yeah, they know they owe people money.

But it’s not as if there are some secret ways that must be followed to get this money.  All that must be done is to file a tax return (you have until May 17 to do so). And at that point, even if the IRS hasn’t tracked you down, they will get you that check.

It is April then, so yes, tax deadlines are coming.  And if this is now a new one that you are aware of, you may want to jump on it before your time goes away to get what amounts to essentially free money.

Warmly,

Josh Bousquet
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