Unclaimed Tax Refunds – Does the IRS Owe You Some Money?
Executive Summary About Unclaimed Tax Refunds – Does the IRS Owe You Some Money? By Robert Shaw
Unclaimed Tax Refunds
You work hard for your money and every pay check you watch as the government funnels away some of it. Because I pay attention to just how much I lose every pay period, I was shocked to find out that there is over a billion dollars of unclaimed tax refunds sitting in a US Treasury account.
The account I read, from 2008, stated that the total amount of unclaimed tax refunds was $1.2 B USD. That’s a very large chunk of change that we are entitled to, and have chosen not to collect. If you haven’t filed your taxes in the last few years, don’t worry.
There is no penalty for filing late, unless you owe money. The deadline to file taxes is April 15th, and you can file returns for the previous four tax years. This means that if you haven’t filed for income tax since 2002, you can receive any unclaimed tax rebates as far back as 2005.
It is really not that difficult, as I stated there are numerous software programs to assist, and even if you are doing a traditional paper return as long as you follow instructions and use a calculator you should be fine.
To complete your return(s) you can go to the Internal Revenue Service website at www.irs.gov and download the appropriate tax package. I found that the quickest way to navigate to the downloads was to type “tax packages” into the built-in search bar. While on the site, you can also request any missing forms that you require. It’s almost like found money.
So far we have discussed how your tax refund can go unclaimed due to your not requesting it, but the majority of unclaimed funds are actually a result of the government being unable to contact you. If you are missing a refund and moved, that is likely the culprit.
Where is My Rebate (wheresmyrebate.com) allows tax payers to track their refund status and correct any information such as direct deposit, address, etc. To access the service you will need to have your social security number, the amount of your refund that you calculated and your marital status for the tax year in question.
I hope that this has shown you how easy it will be to see if you are entitled to, and how to get any unclaimed tax refunds that you are owed. You don’t really trust the government with your money do you?
Tax Refund Estimators
Executive Summary About Tax Refund Estimators By Eddie Tobey
Don’t be in the dark about your taxes. This easy-to-use software will not only make managing your taxes a lot easier, but possibly also save you a lot of money.
Tax refund estimators can help forecast your tax situation for the upcoming year, and notify you of refunds if you are qualified. Choose the software that has tools and tips to help you minimize taxes and maximize your refund!
Most of this software requires you to connect to an online portal. You need to create an account and log in to use web-based peripherals, such as accessing your bank account or estimating the values of your property.
It is therefore important that you only buy from trusted software brands, because while poorly developed software is cheaper, it is also more likely to compromise the security of your data.
Tax refund estimator software programs are just estimation tools, so your actual tax and tax refund will vary slightly from what you will initially generate from the software.
The reports produced by such software programs are not valid for use in a federal income tax return. You still need the help of a licensed accountant for official taxation matters.
It may also take a while to set up the first time you use the software, because you need to detail your taxes in the past (the software uses this as a benchmark for your current tax situation). A simple mistake on your part can cause the software to churn out incorrect estimations.
Chek out others articles on Forms IRS
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