The IRS offers a great deal of opportunities to get money. However, if you ignore them, you may never benefit from them. Believe it or not, it is still possible to claim Economic Impact Payments from 2021. Yes, the well-known Stimulus Checks may be claimed through the Recovery Rebate Credit before the April 15, 2025 deadline. This is mostly for those who have no obligation to file a tax return and who do not know they qualify.
Most Americans have already collected their Economic Impact Payments, but a few of them are still missing out on these large Stimulus Checks. If you have a child, you should also check if you have received the full amount for the Advance Child Tax Credit you were eligible for back in 2021. If not, you may want to claim it.
Get a Tax Refund from the IRS
Although it is best not to get a large tax refund because it means you overpaid too much, it is another possibility to get money from the IRS. This often happens when you get a tax credit.
Take for example the Earned Income Tax Credit popularly known as EICT, or the Child Tax Credit. Those taxpayers who qualify for any of these credits may get a larger refund.
Some taxpayers may also qualify for education credits. Thus, it is important to make sure you meet all the requirements the IRS set, or to hire a tax preparer to forget about it and have it done properly.
File an IRS claim for unclaimed refunds
Imagine you were ill in hospital and you completely forgot about your tax refund last year. The IRS allows taxpayers who were eligible for a tax refund but did not file a tax return to claim unclaimed refunds.
However, there is a deadline you must meet. Keep in mind that you can only claim unclaimed tax refunds for up to 3 years after the regular filing deadline. Once thing many new taxpayers do not know is the Innocent Spouse Relief.
This is a possibility that can relieve you from paying additional taxes if your spouse understates taxes due on your joint tax return. And of course, you did not know about the errors he or she made. Other ways to get money from the IRS are:
- Amended tax returns
- hardship assistance
- Energy Efficiency Credit
- Premium Tax Credit
- Adoption Credit
- Litigation settlements