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Claim Your 2003 Tax Refund or Lose It

The only good thing about doing taxes is getting a nice, big tax refund. Unfortunately, nearly 2 million taxpayers failed to claim theirs in 2003.

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.

Ever read those lists of the richest people in the world? You know, the billionaires like Bill Gates and Warren Buffet. Well, taxpayers are turning the IRS into a billionaire. They are doing it by failing to claim a couple billion dollars in refunds in 2003. Who would have thought people liked the agency that much?

You are probably wondering how so many people could leave tax refunds at the IRS. It is often a matter of record keeping. Most of us make mistakes here and there and they add up.

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. Tax refunds are not forwarded by the postal office if you moved.

4. Lower income individuals failing to claim the EITC.

5. You accidentally made to quarterly payments instead of one.

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.

Hate paying taxes? Hate preparing your taxes? Well, you are probably starting to really feel that way as April 17th starts to get closer and closer. You can numb the pain, however, by going back and getting your 2003 refund.

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Richard A. Chapo is with BusinessTaxRecovery.com - learn more about glorious tax deductions.

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