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Claim Your 2003 Tax Refund Or Lose It
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.
Feel like 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.
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.
I get a headache thinking of the things I could do with one billion dollars, much less two. I imagine the IRS feels the same way. Think of all the audits they could fund, but why the surplus?
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 during one of the on times out of your paycheck.
3. A hot real
estate market led to people buying and moving, but failing to let the IRS know where they went.
4. The EITC is available to low income taxpayers, but they don’t file.
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.
I could always use an extra grand or so. How about you? A vast majority of readers should be nodding their head in the affirmative. If you are one of them, take the time to go back and check your 2003 tax records. You might just find the grand sitting there. Richard A. Chapo is with BusinessTaxRecovery.com - your resource for tax articles.
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