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Last call to collect leftover tax refunds

18 April 2017

The deadline to file taxes this year is April 18, and even though 70% of Americans are expected to receive a refund according to the IRS, many will still miss the cutoff date.

For an estimated one million taxpayers who did not file a 2013 tax return, April 18, 2017, is the last day to file to claim their part of tax refunds totaling more than $1 billion.

In Horn's more than 25 years of experience, most taxpayers filed at the last minute because they were waiting on a 1099 form or a document from a partnership or a business in a taxpayer has invested, such as K-1 form.

Generally people who miss the deadline either ran out of time or didn't have the money, Kurlowicz said. "It also means avoiding penalties and interest", said Kathy Pickering, executive director of The Tax Institute at H&R Block. Individuals who owe zero MI tax or are due a state tax refund are not required to file an extension. And do not forget to keep copies of your tax return information and documentation.

How do I pay the taxes I owe if I'm filing for an extension? This penalty is assessed when the required return is not filed by the due date or extended due date if an extension is requested. File for an extension.

Gifford says many who wait until tax day want proof that they sent their returns on time and proof that it has been delivered.

"If they don't check [the box] and don't fill out the forms, it will not show a penalty on the return and the return will get accepted by the IRS", said Lance Campbell, a certified public accountant with Hawkins Ash CPAs in Rochester. The requirement to file depends on a person's income, filing status, age and whether they can be claimed as a dependent on someone else's return.

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IRS will automatically process an extension of time to file when taxpayers select Form 4868 and they are making a full or partial federal tax payment using IRS Direct Pay, the Electronic Federal Tax Payment System or by paying with a credit or debit card by the April due date.

It's possible to get the automatic extension without filing IRS Form 4868.

Taxpayers who don't qualify for any of these three special situations can still get more time to file, but they need to ask for it.

At the state level, average income tax refunds ranged from a low of $2,300 in ME to a high of $3,130 in Texas.

"You could negotiate penalties and interest, not usually the tax, but with a hardship you might be able to negotiate a tax settlement", Speiss said.

The penalty for paying late is 0.5 percent for every month that the outstanding tax is not paid. For paper returns, the error rate is considerably higher, at 21 percent. A penalty is issued first for filing late.