Tax Minute

2016 TAX RETURNS

Some people assume that it doesn't matter how late they file their tax returns if they're claiming a refund. But you know what they say about the word "assume." Over three million people who paid taxes in 2016 didn't file a tax return and will lose more than $1.4 billion in refunds if their returns are not received by the IRS by this April 15th. True, the law generally provides for refunds, but only if you file your tax returns within three years of the filing deadline. In addition, if you haven't filed your 2017 or 2018 tax returns yet, in most cases you won't receive your 2016 refund until all your returns are filed. Hey, it's your refund and your money. If you don't want it, just remember who is going to be keeping it.

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