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IRS Holding Over Two Billion in Unclaimed Refund Money

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Get a nice warm feeling when your tax refund check comes in? Well, you might want to check if you got it for your 2003 taxes. Over 2 billion went unclaimed and are about to expire.

Could you use some extra money to pay taxes and bills this year? You might want to look through your records to your 2003 tax return. If you were due a tax refund, did you actually get it? You might be surprised to learn that many people don’t. In fact, over 1.8 million people failed to claim billions of dollars in refunds for 2003.

Imagine balancing your bank account and finding you had TWO BILLION dollars more than you should. Well, this is what the IRS found for the 2003 tax year. Yes, taxpayers have left a couple billion dollars on the table. This averages out to more than a grand per person that failed to claim the refunds. There are roughly 1.8 million of you.

You are probably wondering how so many people could leave tax refunds at the IRS. It is often a matter of record keeping. Most of us make mistakes here and there and they add up.

1. You just didn’t file a tax return because of family or personal matters.

2. You worked multiple jobs and forgot to include some of the taxes collected by an employer.

3. A hot real estate market led to people buying and moving, but failing to let the IRS know where they went.

4. You got married, changed your name and forgot about taxes collected under your old name.

5. Worked for a short time at a job, but didn’t get a W-2? You might have forgotten the taxes.

So, is there a rush to get out there and claim your tax refund? Well, yes, there is. The magic deadline is tax filing day this year. This represents the three year running period for the statute of limitations. Neither you nor the IRS can look back more than three years to fix a problem, such as this one.

Hate paying taxes? Hate preparing your taxes? Well, you are probably starting to really feel that way as April 17th starts to get closer and closer. You can numb the pain, however, by going back and getting your 2003 refund.

Article Source: http://www.article-exposure.com

Richard A. Chapo is with BusinessTaxRecovery.com - your resource for tax articles.

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