unclaimed tax refunds list of unclaimed tax refunds unclaimed federal income tax refunds unclaimed government tax refunds by P_Gallo


									                                        Unclaimed Tax Refunds
 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.

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.

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