2015 tax return money still out there
KAILUA-KONA — Some $8.5 million may be waiting 7,000 Hawaii taxpayers who did not file a 2015 federal income tax return, the Internal Revenue Service announced.
The Hawaii taxpayers are among 1.2 million Americans who did not file a 2015 Form 1040 federal income tax return and could be awaiting a portion of almost $1.4 billion, according to the IRS.
To collect the money, taxpayers must file their 2015 tax returns with the IRS no later than this year’s tax deadline, Monday, April 15.
The IRS estimates the midpoint for the potential Hawaii refunds for 2015 to be $935, meaning that half of the refunds will be greater than $935. Nationwide, the midpoint is $835.
In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window to claim a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury.
For 2015 tax returns, the window closes April 15.
Current and prior year tax forms (such as the tax year 2015 Form 1040, 1040-A and 1040-EZ) and instructions are available online at www.irs.gov or by calling (800) 829-3676.
Business finance workshop Wednesday
KAILUA-KONA — The West Hawaii Small Business Development Center will be offering a workshop, “How to Manage your Business Finances” 9-11 a.m. Wednesday at Hale Iako in Suite 119, 73-970 Makako Bay Drive, Kailua-Kona, on the NELHA campus.
Kristina Makoff, CPA, will walk through your business books and teach how to get comfortable with all things on the business side as well as give advice to make doing the accounting work a success.
Registration is $20 and space is limited.
Register online at www.hisbdc.org, click on the Events/Workshops link on the homepage, or call 333-5000 for more information.