|
|
Unclaimed Tax Refunds: How To Claim Yours
When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline, then federal and state governments can impose a number of late fees and penalties. While there are penalties for failing to a pay taxes on time, there are no penalties assessed to individuals who are due a refund but fail to file their tax returns on time. http://www.taxhelpdirectory.com/taxfiling/
Tax season is a stressful time for many taxpayers. With hectic lives and busy schedules it is likely that an individual may not find the time to have their taxes prepared. As previously mentioned, there is the chance of late fees and other additional penalties for individuals who owe taxes; therefore, many individuals who are expected to owe money are more likely to find the time to have their taxes completed on time than those who do not. There are no penalties for taxpayers who are expected to receive a refund to file their taxes late; however, there may be another problem that arises. That problem is what is known as unclaimed tax refunds.
Unclaimed tax refunds are tax refunds that are due to a particular taxpayer; however, they failed to claim them. Unclaimed tax refunds often result when a busy taxpayer who expects a tax refund puts off sending in their tax forms until it is completely forgotten about. Although the majority of Americans look forward to the day that their tax refund arrives, there are still many others who allow their refunds to become unclaimed tax refunds. It is estimated that hundreds to thousands of individuals each year fail to file tax returns which would result in them receiving a refund. Filing a tax refund is a fairly simple process. For under thirty dollars an individual can purchase a tax software program that will make tax preparation easy and quick. Most taxpayers can prepare their own paper taxes by filling out a federal 1040A or a 1040EZ form. Each of these forms is likely to take less than an hour for the average taxpayer to complete.
A taxpayer has until three years after the year that they were supposed to file their tax return to claim their refund. For taxpayers to get their refund they have to file the federal or state tax return forms that they previously failed to file. Since the tax laws change from year to year, a taxpayer looking to reclaim their unclaimed tax refund must use a tax form for the year they missed. By visiting the website of the Internal Revenue Service (IRS) at http://www.irs.gov, an individual can find and download old federal tax forms. The same can be done with most old state tax forms. To do so individuals are encouraged to visit the website of their state tax department and then download the specific forms they need.
It is hard to imagine why a taxpayer would not want to claim their tax refund. Unclaimed tax refunds do not benefit anyone but the federal or state government. A tax refund is money that is owed to a taxpayer because he or she paid too much in taxes. Why pay more money in taxes than you have to? Act now before your money is forever known as one of the many unclaimed tax refunds.
- AVOID ONLINE MONEY MAKING SCAMS
I'm sure that if you are reading this than you are interested in making money online. you are probabally wondering how much money you can make, what is the fastest way to do it, and how fast con you start...
- Beware Of Get Rich Quick Scam
Everyone wants to be rich. Hey, abundance is good. When you live abundantly, you will be satisfied, some say. That is why a lot of people tout the next get-rich-quick scheme. And that is why this business...
- Avoiding Online Gambling Scams Before They Happen
Gambling scams were never as recognized and as widespread as when it finally came in contact with cyber space. Online gambling, although beneficiary for those gambling aficionados, allowing them to gamble...
- Protecting Yourself From Pet Classifieds Scams
Internet Fraud, Classifieds Scams, Abuse and Suspicious Replies are world wide issues that have become widespread in targeting sellers and buyers everywhere specially on the Internet. Often this involves...
- How To Avoid Common Diet Scams
As our country gains weight at an alarming rate, we are spending more each year on products that promise us easy, effortless weight loss. Each year in the United States, an estimated 35 billion dollars...
- Income Tax Season
The tax season for most all individual tax payers falls during January, February, and March each year. It's the time of year that most citizens look forward to receiving a refund or they dread because...
- Loneliness As A Key Factor In Dating Scams
In the course of my interactions while researching the romance scams, a 45 year old grandmother, told me of her dating troubles and how she was scammed of well over $3000. Her husband passed on a few years...
|
|
| | |
