Are you one of many practically 1.5 million folks throughout the nation who’ve an excellent 2019 tax return? In that case, you may have only a few weeks to request your refund till July 17, 2023. After this era, your unclaimed refund shall be forfeited.

In response to the IRS, there are practically $1.5 billion in refunds that haven’t been claimed as a result of taxpayers haven’t but filed their 2019 tax returns. The IRS estimates that the median median refund for the 2019 tax 12 months was $893.

Taxpayers have three years to submit and declare their tax refund. If they do not submit the appliance inside three years, the cash turns into the property of the US Treasury.

For those who’re a freelancer who did not file a tax return for 2019, you need to act now earlier than the July 17 deadline to make use of that window of alternative to obtain your refund. It is a significantly prolonged window because the submitting deadline for undelivered statements from 2019 has been pushed again to July 17, 2023 as a result of pandemic.

For those who filed an extension of your 2019 tax return, you may have till October 16, 2023 to request your refund.

One other necessary level: in case you do not file your 2019 tax return and had been eligible for the Earned Revenue Tax Credit score (EITC), you may lose that one too. In 2019, the mortgage value was as much as $6,557.

Chances are you’ll be eligible for the EITC in 2019 in case your freelance revenue is beneath:

• $50,162 ($55,952 if married collectively) for individuals with three or extra eligible youngsters.
• $46,703 ($52,493 if married collectively) for these with two eligible youngsters.
• $41,094 ($46,884 if married collectively) for these with one qualifying youngster.
• $15,570 ($21,370 if married collectively) for individuals with no eligible youngsters.

If you’re due a tax refund for 2019 and you haven’t filed your tax returns for tax years 2020 and 2021, the funds could also be withheld you probably have not filed tax returns for tax years 2020 and 2021.

As well as, the refund counts towards any quantities owed to the IRS or any state tax company and could also be used to settle unpaid youngster help funds or past-due federal debt similar to scholar loans.

Do it is advisable file a tax return for 2019? To gather your required tax documentation:

If it is advisable file your 2019 freelance tax refund, Folks ought to begin now to make sure they’ve sufficient time to submit earlier than the July 2019 refund deadline.

• If you’re lacking tax types similar to You may request types W-2, 1098, 1099 or 5498 for the years 2019, 2020 or 2021 from the issuing third celebration.
• Lacking types cannot be retrieved? Order a free payroll transcript from IRS.gov or seek the advice of your tax advisor.

To see the variety of unfiled tax returns and the value of {dollars} obtainable to taxpayers who haven’t filed their refunds in particular states, you’ll be able to go to IRS.gov: State-by-State Estimates of People Who Might Have Revenue Tax Refunds for 2019 to be entitled For those who need assistance submitting your 2019 refund earlier than the July 17 deadline, contact a tax skilled as quickly as attainable.

Jonathan Medows is a New York Metropolis-based CPA specializing in tax and enterprise issues for freelancers and self-employed throughout the nation. He provides members of the Freelancer’s Union free recommendation and a month-to-month electronic mail publication on tax, accounting and enterprise matters for freelancers on his website www.cpaforfreelancers.com – which additionally features a weblog, how-to articles and a complete tax return for Freelancer consists of management.

Jonathan is on the market to freelancers for an preliminary session. To qualify for a free session, you have to be a member of the Freelancers Union and point out this text when contacting them. Please observe that this supply just isn’t obtainable from March 1st to April 18th and features a normal dialogue of a freelancer’s tax obligations and attainable deductions. These conferences don’t embody reviewing paperwork you may have ready, reviewing tax returns you may have ready, or reviewing the work of different preparers. The free assembly doesn’t contain the creation or verification of quantitative calculations of any variety. He’s joyful to supply such providers, however must cost an hourly fee for it.