There are many taxpayers who could lose the opportunity to collect a refund and stimulus checks, if they do not file their tax return before October 17, taking advantage of the tax extension
People who have applied for an extension to the Internal Revenue Service (IRS) to file their tax return should hurry, because they only have one week left to do so. After months of extension, they have until October 17 to file their taxes and not receive late filing fees. In case that doesn’t motivate you, by filing your return, you may be eligible to receive a 2021 federal government stimulus check, a stimulus check from your state, or a tax refund.
On April 18 of this year, the tax season to file the 2021 tax return ended. From that moment, people who did not file their tax return on time had the opportunity to request an extension to file their return. This extension ends on October 17.
In 2021, at the federal level, there were several benefits that people who did not file their declaration lost the opportunity to receive. Regardless of whether your earning capacity and tax calculation results in a tax refund, you may be eligible to receive the 2021 stimulus check and other payments, such as the Child Tax Credit. Even depending on where you live, you could also receive some of the inflation stimulus checks approved by various states.
The IRS encourages taxpayers to add a bank account to set up direct deposit, in the event they have a tax refund.
“Eight out of ten taxpayers get their refunds using direct deposit. It is simple, safe and reliable, ”says the IRS. “This is the same electronic transfer system used to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.”
According to the IRS, with direct deposit, more than nine out of ten refunds are issued in less than 21 days. Taxpayers who used direct deposit for their tax returns also received their stimulus payments more quickly.
Taking advantage of direct deposit with electronic filing is the fastest way to receive your tax refund, plus your stimulus checks and any tax credits. Also, there is no chance it will go unpaid, lost, stolen, or destroyed, as noted by the IRS.
However, if you don’t have a bank account, you’ll need to register a mailing address, the same address where your refund and any tax payments you’re eligible for six weeks or more would be sent, the IRS says.
Some refunds could take even longer than 14 weeks, due to delays in processing returns or disputes over child support issues after a divorce.
To check the status of their refund, taxpayers can use the Where’s My Refund? tool. from the IRS. Information for the most recently filed tax year is generally available within 24 hours after the IRS acknowledges receipt of a taxpayer’s e-filed return. If they filed a paper return, taxpayers should allow four weeks before checking the status.