Ordinarily, any communication with the IRS involves money owed to the U.S. Department of Treasury, not money owed to the taxpayer. Most Missouri residents who pay taxes would more than likely agree that the agency is quick to point out when you fail to make a tax payment but either slow or unaware when the taxpayer is the one owed the money.
Unless the IRS contacts you regarding an overpayment, you will need to determine whether one occurred. You can pay too much in taxes for a variety of reasons, and you may not even realize it until you file a tax return.
Common sources of tax overpayment
You could discover an overpayment under one of the following circumstances:
- If you are self-employed, you may overpay your estimated taxes.
- If you used to do your taxes yourself, but then obtained help, you may have realized you missed out on certain deductions and credits that you qualified for in past tax years.
- If you do not handle your withholding properly, you could end up overpaying during the year.
Once you discover an overpayment, you may go back to certain prior tax years and determine whether you overpaid then as well. Essentially, you do not necessarily have to settle for only receiving a refund for the current tax year. If you wish to file a claim for the tax you overpaid, you must do it within a certain amount of time. For this reason, as soon as you realize the government owes you money, you need to take action.
Take advantage of experienced assistance
If the IRS contacted you regarding an overpayment, receiving a refund may be as simple as a phone call. However, things change when you are the one contacting the agency. Getting back money you overpaid to the IRS is not always a simple task. You will need to amend the relevant tax returns and wait for the IRS to respond. There is no guarantee that the agency will agree with your assessment.
A dispute may arise between you and the IRS. If this happens, you may not want to go through it alone. It would more than likely be in your best interests to consult with an experienced tax attorney. After a thorough evaluation of your situation, you will receive information regarding your rights and your legal options. You will also receive assistance in going through the refund claim process and resolving any dispute that may arise as a result thereof.