Bill filed his 2021 tax return on March 15th, 2022. The statute of limitations for IRS assessment on Bill's 2021 tax return should end on April 15th, 2025
A tax return is a document filed with tax authorities that shows income, expenses, and other relevant financial information. Taxpayers calculate their tax liability, plan to pay their taxes, and request a refund of overpaid taxes when they file their taxes.
Taxpayers will get refunds at the end of the year if they withhold too much. If you are self-employed, you can get a tax refund if you exceed your estimated tax. You might think of this extra income as free money, but it's actually loaned to the IRS without charging interest. D.
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