Over Two Billion In Tax Refunds Unclaimed for 2003

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Over Two Billion In Tax Refunds Unclaimed for 2003 - By: Richard Chappoe, Posted on: 2007-08-13

Gripe about paying your taxes? If so, you are one of millions of Americans. The odd thing, of course, is millions of us also fail to get the tax refunds we are do!

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.

Two billion dollars is undisputedly a lot of mulla. So, just how did the IRS manage to get so much money that should really be in the hands of taxpayers? Glad you asked.

1. Your employer withdrew taxes from your paycheck, but you didn’t file.

2. If you left a salaried job and opened your own business, you can easily overpay.

3. A hot real estate market led to people buying and moving, but failing to let the IRS know where they went.

4. You got married, changed your name and forgot about taxes collected under your old name.

5. Worked for a short time at a job, but didn’t get a W-2? You might have forgotten the taxes.

Can you imagine just throwing 1,000 out the window of your car? If you haven’t claimed your 2003 refund, you are about to do just that. After April 17th of 2007, it expires. That’s right, you lose it and the IRS gets to spend it as it wishes!

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.

Article Source: http://higradesearch.com

Richard A. Chapo is with BusinessTaxRecovery.com - your resource for tax articles.
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