Nearly two million U.S. taxpayers have over 2 billion dollars in unclaimed income tax refunds that they will forfeit if they don’t file within three years of the tax year for which the refund applies. If you think you couldn’t possibly be one of them, think again.
The problem often arises because you’re not required to file a return unless you earned over a certain amount. People often make the mistake of thinking that because they aren’t legally required to file an income tax return, they don’t need to bother. But often, those very same people would receive a refund if they did file, even though they’re not required to.
The most common groups who unknowingly leave unclaimed refunds to the Internal Revenue Service (IRS) include:
Workers who work part-time or for only part of the year but had income taxes withheld
Self-employed workers with low earnings who made estimated tax payments but didn’t file a return because their earnings were below the threshold
People who fail to file a final return on behalf of a deceased family member who is due a refund
People who qualified for the earned income credit but didn’t file a return because their earnings were below the threshold
Account on Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, please contact Osceola County’s most trusted accounting service, tax preparation and payroll service provider. Call us today at (407) 892-1066 or contact Account on Us today! We are here to help!