The IRS provides numerous options to earn money. However, if you disregard them, you might never benefit from them. You can still claim Economic Impact Payments starting in 2021, despite popular belief. Yes, the well-known Stimulus Checks can be claimed using the Recovery Rebate Credit before the April 15, 2025 deadline. This is primarily intended for those who are not required to file a tax return and are unaware of their eligibility.
While most Americans have received their Economic Impact Payments, a handful are still missing out on hefty stimulus checks. If you have a kid, you should also check to see if you received the full Advance kid Tax Credit for which you were eligible in 2021. If not, you should consider claiming it.
Get a Tax Refund from the IRS
While receiving a high tax refund may indicate excessive overpayment, it is still possible to get funds from the IRS. This frequently happens when you receive a tax credit.
Consider the Earned Income Tax Credit, also known as the Child Tax Credit. Taxpayers who qualify for any of these credits may receive a higher refund.
Some taxpayers may also qualify for educational credits. Ensure you fulfill all IRS criteria or employ a tax preparer for an easy procedure.
File an IRS claim for unclaimed refunds
Assume you were sick in the hospital and entirely forgot about your tax refund last year. Unclaimed refunds can be claimed by eligible taxpayers who did not submit a tax return, according to the IRS.
However, there is a deadline to meet. Remember that you can only claim unclaimed tax refunds up to three years after the ordinary filing date. Many new taxpayers are unaware of the Innocent Spouse Relief provision.
If your spouse understates the taxes payable on your joint tax return, you may not have to pay any additional taxes. Of course, you were unaware of the blunders he or she had committed. Other ways to receive money from the IRS are:
- Amended tax returns
- hardship assistance
- Energy Efficiency Credit
- Premium Tax Credit
- Adoption Credit
- Litigation settlements
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