| For all the complaining about taxes, it is rather amazing | | | | 2. People who switched jobs and didn't calculate the |
| that taxpayers leave so much money on the table | | | | taxes paid by both employers. |
| each year. The IRS recently announced that 2.2 billion | | | | 3. People who moved and didn't tell the IRS. Tax |
| dollars in refunds are about to expire unclaimed. | | | | refunds are not forwarded in the mail. |
| April 17, 2007 represents Christmas for the federal | | | | 4. People who can claim the earned income tax credit. |
| government. Why? If 1.8 million Americans don't wake | | | | 5. Self-employed people who overpaid certain |
| up, the federal government will get a gift of 2.2 billion | | | | quarterly taxes. |
| dollars. How would you like to find that under the tree! | | | | So, why is there a deadline to file for the refunds? Tax |
| The 2.2 billion dollars is a 2003 issue. Specifically, | | | | law is such that you have three years to look back in |
| taxpayers failed to claim the money in the form of tax | | | | time on tax issues. As a result, the April 17th deadline is |
| refunds for the 2003 tax filing period. How many | | | | three years from April 15th 2004, the date you should |
| taxpayers? About 1.8 million. This equates to an | | | | have filed a tax return for your 2003 taxes. The extra |
| average refund of $1,222. Obviously, some are smaller | | | | two days have to do with the fact the 15th is a |
| and others bigger, but it is a nice chunk of change. | | | | Saturday this year. |
| Given the amount of the tax refund pool, one might | | | | If you complain about your taxes, you should go back |
| wonder how so many people could have failed to | | | | and check your 2003 return. If you are due a refund |
| claim their refunds. The answer can be found in a | | | | and let it expire, you have nobody to blame but |
| couple of areas. | | | | yourself. Just think, you could apply it to the amount |
| 1. People who failed to file returns because they didn't | | | | you owe this year! |
| earn a lot. | | | | |