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 taxes 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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