The ins and outs of IRS refunds for Nevada taxpayers
One of the few benefits from tax season is when an IRS refund comes. Many people don’t completely understand why they get money back from the IRS or on what it is based. People who do not have their taxes professionally filed may need clarification on how or why they will or won’t get a tax refund.
The refunds from the state of Nevada and the IRS will come only if you paid more in taxes than you actually owe. Last year, the average refund from the IRS amounted to around $3,000 per eligible household. It is safe to assume that refunds will be sent within the month that they were filed.
The IRS has a way to track refunds that is easily found on their website. There may be some delays this year because of computer problems and new tax procedures. If a refund takes longer than expected, use the simple tool on the IRS site by providing the requested personal information, including the exact amount of expected refund amount.
Over $900 million dollars becomes property of the United States government because of unclaimed tax returns. This would be the amount owed by the IRS to those who paid taxes, yet never filed a return. Readers in Nevada who missed the April 15th deadline could have received an extension by filing a specified form with the IRS by that date.
Those that miss the deadline or do not file for an extension can be subject to fines and penalties from the IRS. Fortunately, it is the right of every taxpaying citizen to seek legal help should they be facing tax issues. It is possible to work through penalties and tax problems with the right professional assistance.
Source: The Huffington Post, “IRS Refund 2013: Here’s What You Need To Know,” April 6, 2013