It has been three years since 2019, and the IRS recognizes that many individuals may have neglected to file their tax returns amidst the pandemic chaos in 2020. As a result, they have opted to extend the filing deadline, allowing more taxpayers the opportunity to submit their returns and receive their entitled refunds. Let’s learn about deadlines and amounts to collect this money if you are entitled to it.
The Internal Revenue Service has declared that the final deadline to submit your 2019 tax return is July 17, 2023. This gives taxpayers approximately two months and two weeks to sort out their filings. As of April 12, 2023, around 1.5 million taxpayers still needed to file. If you’re not among them, it’s likely that someone you know is.
How much money you can collect from your 2019 income tax return refund
Many individuals may not realize that they are eligible for tax credits or rebates. The IRS highlights that part-time workers, students, and low-income taxpayers might be in this situation. Often, these taxpayers are unaware that they are owed a refund by the IRS, leading them to neglect filing their 2019 tax return. Keep in mind that if you are among the taxpayers who haven’t filed, the IRS could owe you an average refund of $893. This is just an average, so your actual refund might be even higher.
Why not consult a tax professional to see if you’re eligible for a 2019 refund? This extra money could certainly be useful. Approximately half of the refunds are expected to be higher than the average. Conversely, if you’re not as fortunate, the IRS states that you could receive less than $893. Either way, it’s a win, considering you currently don’t have access to these funds. There are numerous ways you could utilize this extra and unexpected money.
From saving or investing to taking a vacation, the possibilities are plentiful. If you lack an emergency fund, this check could be an ideal starting point. It might even be the catalyst you need to launch your own business. Whatever you choose to do, it’s important not to miss out on this potentially significant sum of money.