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Gripe about paying your taxes? If so, you are one of millions of Americans. The odd thing, of course, is millions of us also fail to get the tax refunds we are do! Could you use some extra money to pay taxes and bills this year? You might want to look through your records to your 2003 tax return. If you were due a tax refund, did you actually get it? You might be surprised to learn that many people don’t. In fact, over 1.8 million people failed to claim billions of dollars in refunds for 2003. Imagine balancing your bank account and finding you had TWO BILLION dollars more than you should. Well, this is what the IRS found for the 2003 tax year. Yes, taxpayers have left a couple billion dollars on the table. This averages out to more than a grand per person that failed to claim the refunds. There are roughly 1.8 million of you. Two billion dollars is undisputedly a lot of mulla. So, just how did the IRS manage to get so much money that should really be in the hands of taxpayers? Glad you asked. 1. You just didn’t file a tax return because of family or personal matters. 2. You worked on and off and forget you paid taxes during one of the on times out of your paycheck. 3. Tax refunds are not forwarded by the postal office if you moved. 4. You got married, changed your name and forgot about taxes collected under your old name. 5. Worked for a short time at a job, but didn’t get a W-2? You might have forgotten the taxes. 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. 2003 may seem like a long time ago, but a trip to the past can be profitable. If you could use an extra grand, and who can’t, you may be able to get it by checking your records for the year. Don’t assume you received a refund. Make sure. You might just be surprised.
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Richard A. Chapo is with BusinessTaxRecovery.com - your resource for tax articles. Get a unique version of this article from our refund article directory
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