Over Two Billion In Tax Refunds Unclaimed for 2003

Gripe about paying your taxes? If so, you are one of millions of Americans. The odd thing, of course, is millions of us also fail to get the tax refunds we are do!

Feel like taxes are too high? Of course you do. It is a god given write of Americans to complain about taxes. That being said, you lose the right to complain if you don’t follow up on money the IRS owes you. For the 2003 tax year, 1.8 million Americans have failed to do so to the tune of a whopping 2.2 billion dollars.

How does $1,200 sound? What could you do with it this month? Heck, you could even fill up your car at the gas station a couple of times. Okay, maybe twice given the outrageous gas price increases, but the money would clearly help. Well, $1,200 is the average tax refund due to people that failed to claim theirs in 2003!

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. Some taxpayers don’t file because they don’t think they made enough money.

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

3. Tax refunds are not forwarded by the postal office if you moved.

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: Main Articles

Richard A. Chapo is with BusinessTaxRecovery.com - your source for daily tax tips.
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