Edward Palonek Reminds Americans that the 2012 Deadline is looming for Unclaimed Refunds to be colle 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 reuni
BigNews.Biz - Mar 27,2012 - The Internal Revenue Service (IRS), has recently announced that tax refunds totaling more than $1 billion are waiting for about a million people in the US to be claimed who have not filed a federal income tax return for 2008. The only catch is, that this individuals or companies must file their 2008 tax return no later that April 17, 2012 in order to be eligible to collect the refund. There is only a three year window to make a claim for a tax refund, otherwise the billion dollars of unclaimed money becomes the property of the US Treasury.
The IRS estimates, that half of these potential 2008 refunds are $637 or more. “This money can be used to help pay down some credit card debt and other bills” says Palonek, founder of foundmoney.com, an internet website site specializing in helping people locate unclaimed accounts since 1995.
The law requires that the person tax return be properly addressed, mailed and postmarked by April 17, 2012. No penalty exists for filing a late return that qualifies for a refund.
It is important to note however, that if a taxpayer is expecting a refund, their checks may be held if they have not filed tax returns for 2009 and 2010. In addition, if you owe unpaid child support or student loans any refund would be applied to these outstanding amounts, so according to Palonek, “this could be a quick and easy way to help with such arrears.”
Another good reason to file your 2008 return is that you stand to lose the Recovery Rebate Credit for those who did not receive an economic stimulus payment in 2008.
Additionally, low-and moderate-income wage earners may not have claimed the Earned Income Tax Credit (EITC), which helps individuals and families with incomes below certain thresholds. “As can be seen not filing your previous years returns can get very costly in lost income potential”, says Palonek.
According to Palonek, when someone doesn't file a return, they may not necessary be breaking and laws, since they may have so little income that year, that they were not required to file a return. Additionally, if someone only worked a short time during the year but still had taxes withheld from a paycheck, the IRS may still owe them money for possible over payments of taxes during the time worked.
the highest number of 2008 non-filers with potential refunds are California, with 122,500, Texas, with 96,200, Florida, with 70,400 and New York, with 60,300, according to the IRS.
“In difficult times like these, every dollar counts so make sure to file those tax returns and maximize your refund to claim that foundmoney”, says Palonek.