Over Two Billion In Tax Refunds Unclaimed for 2003

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

2. You worked on and off and forget you paid taxes during one of the on times out of your paycheck.

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. You kept bad records of tax payments and believe you paid less then you really did.

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.

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://www.articles.ask-me-about.com

Richard A. Chapo is with BusinessTaxRecovery.com - providing information on income tax.
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