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The first step to saving money on your taxes is understanding what the statute of limitations are. The statute of limitations is the period during which you have to file your tax return to qualify for a refund. In most cases, it is three years from the date you filed your last tax return before you need to file again. But if you do not take action, that time can be extended indefinitely, even if it has been many years since you filed your last return!
The second step in saving money on your taxes is knowing what type of returns qualify as a “change-in-circumstance” and qualifying accordingly. There are many different ways a change in circumstances can occur and there is no single policy that can be applied to all people. But hopefully this guide will help you eliminate some common tax traps and make sure you are able to claim the refund you are entitled to.
An important note: If you have already filed your tax return, don’t throw it away – there might be something written in the return that could help you qualify for a larger refund!
One thing is certain: You will get less money on your taxes if you don’t take action than if you do take action.
The second step in saving money on your taxes is knowing what type of returns qualify as a “change-in-circumstance” and qualifying accordingly. There are many different ways a change in circumstances can occur and there is no single policy that can be applied to all people. But hopefully this guide will help you eliminate some common tax traps and make sure you are able to claim the refund you are entitled to.
An important note: If you have already filed your tax return, don’t throw it away – there might be something written in the return that could help you qualify for a larger refund!
One thing is certain: You will get less money on your taxes if you don’t take action than if you do take action.
