IRS has $ 1.4 billion of old tax refunds that Americans may have overlooked

However, Intuit warns that "while it may seem like a clever way to give the government your tax preparation tasks, keep in mind that government prepared returns do not necessarily allow all the deductions or credits to which you are entitled. . "

For example, "many low- and moderate-income workers may be eligible for the earned income tax credit," notes the IRS. For 2015, this credit was worth more than $ 6,200.

If you did not file a 2015 tax return and owe taxes (instead of receiving a refund), you may be subject to a production default penalty, which may cost 5% of your bill. unpaid tax each month it is unpaid after the April deadline, and potentially a maximum of 25% of what you owe.

In the end, non-filers who have to pay taxes will be subject to additional penalties and, in some cases, even criminal prosecution, says Intuit. "Offending taxpayers who owe more than $ 25,000 will eventually be visited by an IRS representative to recover these amounts."

Experts suggest filing early: Due to changes in tax law, some taxpayers could benefit from lower repayments this year and about 30 million people might actually owe money to the IRS.

This is an updated version of a previously published article

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