Q) Can I receive a tax refund if I am currently making tax payments on prior years?
A) Yes, you can receive a tax refund if you are currently making tax payments on prior years. However, there are a few things to keep in mind.
First, you will need to file a tax return for the prior years in which you owe taxes. You can do this online or by paper.
Second, when you file your tax return, you will need to claim the tax credits or deductions that you are eligible for. These credits and deductions can help to reduce your tax liability and increase your refund.
Third, if you owe taxes for prior years, you will need to make arrangements to pay them off. You can do this by setting up a payment plan with the IRS.
If you follow these steps, you should be able to receive a tax refund for the prior years in which you owe taxes.
Here are some additional tips for getting a tax refund:
- Make sure you file your tax return on time. The deadline to file your tax return for tax year 2023 is April 18, 2024.
- Keep good records of your income and expenses. This will help you to accurately calculate your tax liability.
- Claim all of the tax credits and deductions that you are eligible for.
- Make arrangements to pay off any taxes that you owe.
By following these tips, you can increase your chances of getting a tax refund.