Palonek Reminds Tax Filers Not to Forget the Over $1 Billion in Tax Refunds Waiting to be Claimed from the IRS
Every day thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, safe deposit boxes and gift cards. Edward Palonek of foundmoney.com is helping people just like you reunite with their unclaimed cash.
- (1888PressRelease) July 23, 2011 - The lasted figures obtained from the Internal Revenue Services (IRS) in the United States, is that in 2010, there were approximately $1.1 billion in Refunds that remained unclaimed, representing nearly 1.1 million Americans because they did not file a federal income tax return for 2007 by the April 18, 2011 deadline. According to the IRS, they estimate that half of these potential 2007 refunds are $640 or more.
In order to claim these refunds tax filers need to file their tax returns. Some people feel that they do not have to file because they had too little income, even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.
For 2009 tax year the Unclaimed refunds were even higher, totaling more than $1.3 billion with nearly 1.4 million people who did not file a federal income tax return for 2006. The IRS estimates that the median unclaimed refund for tax-year 2006 is $604, these refunds are also lost.
According to Edward Palonek from www.foundmoney.com, which specializes in providing information on the whereabouts of unclaimed money, you can expect roughly the same figures for 2011 in unclaimed refunds.
"When people do not file their tax returns at all or even on time, they stand to lose more than a refund of taxes withheld or paid during that year the returns were due", says Palonek.
In addition, many low-and-moderate income workers may not have claimed their Earned Income Tax Credit (EITC), which can about to quite a bit of tax savings. For more information, people should visit the EITC page.
"To Maximize your refunds and get the up to date figures for the EITC credits is to go to the IRS website to make sure to get the most current information available and now the deadlines to maximize your refund", says Palonek
Another point that taxpayers need to reminder as well, according to Edward Palonek, is that people stand to lose more than a refund of taxes withheld or paid for in prior years. As an example if someone is now seeking a refund check for 2009 they may have their checks held if they have not filed tax returns for 2010 or 2012. Additionally, the refund will be applied to any amounts that may still be owing to the IRS or even used to satisfy unpaid child support or past due federal debts such as student loans".
"In difficult time like these, every dollar counts so make sure to maximize your refunds from the IRS", says Palonek.
Contact
Foundmoney.com
www.foundmoney.com
Edward Palonek
www.edwardpalonek.org
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