| When a taxpayer owes money on their taxes they | | | | thousands of individuals each year fail to file tax |
| need to pay the amount owed before the traditional | | | | returns which would result in them receiving a refund. |
| April 15th deadline. If the amount owed on taxes is not | | | | Filing a tax refund is a fairly simple process. For under |
| paid before the deadline, then federal and state | | | | thirty dollars an individual can purchase a tax software |
| governments can impose a number of late fees and | | | | program that will make tax preparation easy and quick. |
| penalties. While there are penalties for failing to a pay | | | | Most taxpayers can prepare their own paper taxes |
| taxes on time, there are no penalties assessed to | | | | by filling out a federal 1040A or a 1040EZ form. Each |
| individuals who are due a refund but fail to file their tax | | | | of these forms is likely to take less than an hour for |
| returns on time. | | | | the average taxpayer to complete. |
| Tax season is a stressful time for many taxpayers. | | | | A taxpayer has until three years after the year that |
| With hectic lives and busy schedules it is likely that an | | | | they were supposed to file their tax return to claim |
| individual may not find the time to have their taxes | | | | their refund. For taxpayers to get their refund they |
| prepared. As previously mentioned, there is the chance | | | | have to file the federal or state tax return forms that |
| of late fees and other additional penalties for individuals | | | | they previously failed to file. Since the tax laws change |
| who owe taxes; therefore, many individuals who are | | | | from year to year, a taxpayer looking to reclaim their |
| expected to owe money are more likely to find the | | | | unclaimed tax refund must use a tax form for the |
| time to have their taxes completed on time than those | | | | year they missed. By visiting the website of the Internal |
| who do not. There are no penalties for taxpayers who | | | | Revenue Service (IRS) at an individual can find and |
| are expected to receive a refund to file their taxes | | | | download old federal tax forms. The same can be |
| late; however, there may be another problem that | | | | done with most old state tax forms. To do so |
| arises. That problem is what is known as unclaimed | | | | individuals are encouraged to visit the website of their |
| tax refunds. | | | | state tax department and then download the specific |
| Unclaimed tax refunds are tax refunds that are due to | | | | forms they need. |
| a particular taxpayer; however, they failed to claim | | | | It is hard to imagine why a taxpayer would not want to |
| them. Unclaimed tax refunds often result when a busy | | | | claim their tax refund. Unclaimed tax refunds do not |
| taxpayer who expects a tax refund puts off sending | | | | benefit anyone but the federal or state government. A |
| in their tax forms until it is completely forgotten about. | | | | tax refund is money that is owed to a taxpayer |
| Although the majority of Americans look forward to | | | | because he or she paid too much in taxes. Why pay |
| the day that their tax refund arrives, there are still | | | | more money in taxes than you have to? Act now |
| many others who allow their refunds to become | | | | before your money is forever known as one of the |
| unclaimed tax refunds. It is estimated that hundreds to | | | | many unclaimed tax refunds. |