IRS might owe you money for 2013


IRS might owe you money for 2013

Since 2014, IRS Direct Pay has offered individual taxpayers an easy way to quickly pay the tax amount due or make quarterly estimated tax payments directly from checking or savings accounts without any fees or pre-registration.

The IRS announced on Wednesday that taxpayers have until April 18 to file a 2013 tax return, if they haven't yet.

When a taxpayer uses the tool they receive instant confirmation after they submit their payment. That gives you some time to work out a plan of attack, if you haven't already, and find some places to cut into this year's tax return.

Granted, the IRS makes it a bit hard for taxpayers to keep things straight by tweaking the process each year. Any money that isn't claimed in time will go into the U.S. Treasury, never to be seen again.

Income tax refunds, which a year ago totaled $265 billion, represent a chance for many consumers to buy appliances, do overdue auto maintenance or pay down credit cards.

The IRS also reminded withholding agents, such as payroll professionals or universities, that accurately filed Forms 1042-S, Foreign Person's US Source Income Subject to Withholding, help speed any refunds due to their non-US citizen taxpayers. The first refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) start arriving this week.

The IRS estimates that the midpoint for potential refunds for 2013 to be $763, with half being worth more than $763 and a half are less.