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Post by chess999 on Apr 13, 2011 14:44:16 GMT -5
The deadline for receiving an unclaimed refund from 2007 is 4/15/11 as I understand. If 2007 was a year a net operating loss for a business originated, will all the business deductions etc. still be allowed if the return is filed after 4/15/11?
For example with the deductions the tax owed goes from about $2k to about -20 ($20 refund). I don't care that much if I lose out on the $20 by sending in return after 4/15/11, but I do care alot that I can still take the taxes owed down to 0 (saving $2k) if I file after 4/15/11.
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Post by commentator on Apr 13, 2011 14:51:27 GMT -5
I suggest filing your 2007 return before the statute expires. Send it by certified mail, return receipt requested. Why take unnecessary chances?
By the way, going from $2,000 owed to a $20 refund is a $2,020 swing, not a $20.
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Post by chess999 on Apr 13, 2011 14:59:35 GMT -5
I suggest filing your 2007 return before the statute expires. Send it by certified mail, return receipt requested. Why take unnecessary chances? By the way, going from $2,000 owed to a $20 refund is a $2,020 swing, not a $20. I'm not sure if I'll be able to send it in by 4/15/11. I am aware that it is a $2020 swing. I am wondering if I still capture $2000 of that swing if it gets mailed after 4/15/11. |
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Post by commentator on Apr 14, 2011 0:04:07 GMT -5
Do what you want, Chess. I've given you my advice.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Apr 14, 2011 4:27:36 GMT -5
if you are due a refund for 2007 and still have not filed a proper original tax filing then you have 1 day to get it done.... mailing it on Saturday is late and any refund claim will not be honored (unless a proper extension of time was filed)...
remember it is refunds that are denied...
if you paid in 5000 (withholding and estimates) and your actual tax was 4000 and you filed late then the 1000 that you would have been due if you followed the law is lost.
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cpadvisor
Junior Member
Joined: Jan 14, 2011 11:46:00 GMT -5
Posts: 143
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Post by cpadvisor on Apr 14, 2011 13:16:25 GMT -5
Wouldn't the due date be April 18, 2011 since the 15th is a "holiday" this year?
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Post by commentator on Apr 14, 2011 16:34:35 GMT -5
My understanding is the SOL deadline is the date provided in the law. I'm not sure, but why take unnecessary risks. There's a thread about this topic on some other tax board.
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