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An article on Taxes and related topics

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Over Two Billion In Tax Refunds Unclaimed for 2003

By: Richard Chappoe

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.

Every thought of sending the IRS a nice big thank you note in the form of a thousand dollars or so? Probably not unless you are dating an IRS agent! Well, nearly 2 million taxpayers are about to do that. Over 2 BILLION dollars in unclaimed tax refunds for 2003 are about to permanently become the property of the IRS.

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. If you left a salaried job and opened your own business, you can easily overpay.

3. You moved and didn’t tell the IRS.

4. Lower income individuals failing to claim the EITC.

5. You accidentally made to quarterly payments instead of one.

Expiring. It is a terrible word, but one you need to focus on. You have only 3 years to claim any refunds you are due. Since you filed 2003 taxes on April 15, 2004, the right to get the refund is about to expire. The critical date is April 17th this year, so act fast or lose the money!

2003 may seem like a long time ago, but a trip to the past can be profitable. If you could use an extra grand, and who can’t, you may be able to get it by checking your records for the year. Don’t assume you received a refund. Make sure. You might just be surprised.

Article Source: http://ezine-articles-planet.com

Richard A. Chapo is with BusinessTaxRecovery.com - get tax help when the IRS comes hunting.
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