IRS Tax Rebate: Additional rebates of up to $750; Check if you are eligible and date

September 19, 2022 Benjamin Noah Finance 0

IRS Tax Refund: Take these steps to find your refund averaging over $3,039

In more relief for Americans, at least 1.5 million are about to get hundreds of dollars in tax refunds from the Internal Revenue Service (IRS).

IRS announced that they would automatically waive late-filing penalties for 1.6 million taxpayers. Also, taxpayers who were punctual with their fees will get over $1.2 billion in refunds or credits to all of them.

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The average refund will amount to about $750 per taxpayer. As the pandemic still impacts many taxpayers, they are in dire need of the economic aid the IRS is trying to offer them.

The agency is trying to focus on processing backlogged tax returns and taxpayer correspondence to make 2023 filing a lot smoother than this year’s tax filing.

Who qualifies for these IRS Tax Rebates?

The folks who qualify for these IRS Tax Rebates don’t need to apply, as the automatic payments will be sent out during the final days of September. This applies to folks and businesses who filed certain 2019 or 2020 returns late and were sanctioned for failing to file a penalty. Such a punishment is typically taxed at a rate of 5% per month.

But the rate increases to 25% of that unpaid tax if a federal income tax return doesn’t arrive in time. To qualify for returns, the ones eligible in 2019 must have been filed by August 1, 2020. The returns from 2020 must have been filed by August 1, 2021.

Due to both deadlines falling on a weekend, the 2019 return will still be considered if you file it by August 3, 2020. The one from 2020 will still be considered if you filed it by August 2, 2021. To qualify for this one, all eligible income tax returns must be filed on or before September 30, 2022.

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