There was a recent web poll conducted by Liberty Tax that provided some very revealing information about our economy and tax refunds. Over 80% of the respondents filed their tax returns early because they really needed the money this year. This filing season more than ever, those taxpayers expecting a refund are getting their returns filed as soon as possible. Timely filing your taxes should be a priority every year, but according to the IRS, many taxpayers have forgotten to file all together. The IRS estimates that it has around $1.3 billion in unclaimed refunds from 2005.
Taxpayers that have not filed a 2005 tax return and have not received a “nasty gram” from the IRS may need to file a tax return before the April 15th tax deadline this year. After that time the statue of limitations will expire for refunds in 2005. If you are one of those taxpayers that may not be able to locate all of your tax information from 2005, there are additional forms that will need to be sent to the IRS that will ensure your filed return is accurate. Be sure to speak to your professional tax advisor for more information. In this economy, not leaving any money on the table can play an important role in your financial stability.
Keeping Your Taxes N Synergy