Are you one of the many individuals who are owed part of the $ 1.3 billion in Tax Refunds the IRS is holding just for the 2005 tax year?
Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, according to the Internal Revenue Service. However, to collect your part of these refund monies, a return for 2005 must be filed with the IRS no later than April 15, 2009 or by October 15, 2009 if you filed for a six month extension. You have three years to file for the tax refund or the IRS keeps your money forever. Call Bob now at 215.943.3296 if you have not filed your personal tax return for 2005 and believe you are due a tax refund.
Some individuals may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund. Penalties and interest are only assessed if you owe any tax liabilities to the IRS.
Now for the bad news; the IRS reminds taxpayers seeking a 2005 refund that their checks will be held if they have not filed tax returns for 2006 or 2007. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans. Call Bob now at 215.943.3296 for answers to your questions and solutions for obtaining a 2005 tax refund if you believe you owe the IRS for 2006 and 2007.
By failing to file a return, individuals stand to lose more than refunds of taxes withheld or paid during 2005. Many low income workers may not have claimed the Earned Income Tax Credit (EITC). Generally, unmarried individuals qualified for the EITC if in 2005 they earned less than $35,263 and had more than one qualifying child living with them, earned less than $31,030 with one qualifying child, or earned less than $11,750 and had no qualifying child. Limits are slightly higher for married individuals filing jointly.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
