30 THE QUEENS COURIER • NOVEMBER 16, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM
When Will I Get My Refund?
BY JOHN SAVIGNANO, CPA
One of the most often asked
questions by taxpayers is, “When
will I get my refund?” While in
most cases people realize their
refund will come a few weeks
after the return has been filed,
some aspects of filing for and getting
refunds and/or credits are
not so intuitive. Taxpayers may
discover an error on their return
that causes an overpayment. And
why many overpayments are conceded
by the IRS and credited or
refunded automatically, at other
times, the taxpayer must file a
claim for credit or refund..
Provide three years from the
date of filing the tax return to
claim a credit or refund, or two
years from the date the tax was
paid, whichever is later. If no
return is filed the taxpayer must
file the claim for credit or refund
of an overpayment within two
years from the time the tax was
paid. For example, when a taxpayer
has a temporary job and
does not earn enough income to
have a tax return for that year,
he or she must file a claim for a
refund within two years of the
date the return would have been
due.
In addition, if a taxpayer files
a return or makes a claim for
refund or credit within the threeyear
time limit, the refund or
credit amount is limited to the tax
paid within three years, plus the
period of any extension of time
for filing the return, immediately
preceding the time the claim
was filed.
There are exceptions to the
three-or two-year statute of limitation.
The statute may be suspended
during periods in which
individual taxpayers are unable
to manage their financial affairs
due to physical or mental impairments.
This is known as being
financially disabled. An individual
will not be treated as financially
disabled during a period in
which the individual’s spouse or
any other person is authorized to
act in financial matters on his or
her behalf.
Another exception to the threeor
two-year statute of limitation
on refunds and credits is
the seven-year period applicable
to the extent the claim relates to
an overpayment on account of a
deduction of a bad debt or a loss
from a worthless security.
John Savignano is a partner
with Savignano Accountants
& Advisors located sat 47-46
Vernon Blvd., Second Floor, in
Long Island City. If you have any
questions or require additional
information, please call John at
718-707-0955.
TAX TIPS
MYRTLE AVE
HOLIDAY SAVINGS
EVERY DAY OF THE WEEK
ON MYRTLE AVENUE
Shop Myrtle Avenue
(and side streets between Wyckoff Ave. & Fresh Pond Rd.)
And Enjoy Our Holiday Lights & Music!
Santa Pictures
Bring Your Own Camera!
A Special Surprise!
Opera On Tap Carolers
2:00 - 4:00 PM Strolling on Myrtle Avenue in the BID
Many stores will be open late during the holiday season
Check individual stores for hours
Watch for the Myrtle Ave. Holiday Savings Guide Dec 7TH & 8TH
delivered in the Ridgewood area for Money saving coupons,
Myrtle Ave store listing & 2018 Events
Face Painting
& Balloons
Free
Candy Canes
Visit our website at www.Ridgewood-NY.com
and
(while supplies last)
SMALL BUSINESS
SATURDAY
NOV. 25TH, 12-3PM
71st Avenue Plaza
(Just off Forest & Myrtle aves)
Live Holiday Music by
NYC Brass Entourage
Where Santa
Shops!