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Are You Due a Refund but Haven’t Filed Your Return Yet?

We see from time to time where a taxpayer has not filed their tax returns for the past few years. Our clients will sometime say to us “Well, it is okay because I am due refunds”. This is true where if you are due a refund there is no penalty for filing a late return but what some don’t realize is that there is a time limit on claiming those refunds.

A return needs to be filed within three years in order to get the refund. So if you plan on claiming those refunds you need to make sure the 3 year time limit doesn’t expire before you file those returns.

Please consult your tax advisor on all the above information.

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