File 1040 Tax Returns to Receive a Refund | DWK Tax Group

Leaving $$$ on the table by not filing tax returns?

DWK Tax Group urges taxpayers to file missing or unfiled tax returns by April 15, 2014 to claim any and all refunds for 2013 as well as 3 years backward to 2010. Unfortunately, the true definition of a tax return refund is simply the mere fact that you overpaid taxes via withholdings through out the year. What is not so beneficial to the taxpayer is a tax return refund could be construed as a glorified savings account that DOES NOT collect earned income interest.

But wait…Your tax return shows a refund, your tax preparer said you get a refund but the refund did not arrive for 2012. The 2012 tax return refund was offset and not issued to you. It is a sure-fire indicator you may have an IRS or State tax problem to resolve.

Basic requirements to file tax returns

2013 minimum income requirement:

• Single, under 65 years old: $10,000
• Single, 65 years or older: $11,500
• Head of Household, under 65 years old (HOH, not married): $12,850
• Head of Household, over 65 years old (HOH, not married): $14,350
• Married Filing Jointly, under 65 years old (Both spouses): $20,000
• Married Filing Jointly, under 65 years old (one spouse): $21, 200
• Married Filing Jointly, over 65 years old (Both spouses): $22,400
• Married Filing Separately: $3900
• Widower, under 65 years old: $16,100
• Widower, over 65 years old: $17,300

Note: If the Federal or State government withheld any taxes what so ever, regardless of income, a refund will not be issued unless you file a tax return.

IRS 1040 Tax Return Refund Collection Statute

Yes, unfortunately, missing refunds are collectible only for a specific period of time. Generally, American citizens who may or may not have a tax filing requirement have 3 years to claim a tax return refund or 3 years after the tax returns were filed. Additionally, a claim for credit can be within 2 years after the tax had been paid, whatever such period expires the later. As per 26 U.S. CODE § 6511 – LIMITATIONS ON CREDIT OR REFUND. Claim for credit or refund of an over payment of any tax imposed by this title which is required to be paid by means of a stamp shall be filed by the taxpayer within 3 years from the time the tax was paid. The statute begins on the received date time stamped by the IRS.

An Extension Does Not Extend the Refund Collection Statute

What if you filed an extension of time to file by filing Form 4868, automatic 6 month extension to file? The six month period is additional time to file the 1040 tax return, not to pay the existing balance. If the taxpayer does not pay the balance due by the 4/15 due date a penalty of 1/2 of 1 percent is for each month or part of the month after the due date. This failure to pay penalty can balloon to as much as 25% of the unpaid tax bill.

Furthermore, if you have requested an extension to file and have paid at least 90% of the tax return balance by 4/15 original due date, the failure to pay penalty will be waived should the remaining 10% be paid by the extension due date.

DWK Tax Group offers the following:

1. DWK Tax Group Tax Return Preparation Unit; 1040 tax returns, DONE, in 24 to 48 hours. Turnaround time is predicated on taxpayer ability to produce support documents required for expense, dependent, charity, etc., claims.
2. Unsure if you can afford professional legal fees? Can’t pay in full? Affordable financing extended to the general public. DWK Tax needs to speak with you directly to see how you vibe.
3. Reasonable and rational flat fee structuring to encompass “core” tax problem solving. Get the tax relief needed, “correctly”, the first time around and fast.
4. All tax returns completed by DWK Tax Group are IRS Enrolled Agent prepared tax returns or enrolled agent approved and signed by an IRS Enrolled Agent. Audit proof.

Call 1 – 8 6 6 – 2 2 6 – 6 1 0 2 via mobile smart phone, tablet or click to call feature on PC’s, prior to case acceptance, all potential clients must participate in a 20 minute discussion / tax analysis to ascertain the ability for DWK to help better your current tax problem scenario. Les us handle the complicated, DWK will simplify the matter for the customer.