Unclaimed Tax Refunds

When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline then federal and state governments can impose a number of late fees and penalties. While there are penalties for failing to a pay taxes on time there are no penalties assessed to individuals who are due a refund, but fail to file their tax returns on time.

Tax season is a stressful time for many taxpayers. With hectic lives and busy schedules it is likely that an individual may not find the time to have their taxes prepared. As previously mentioned there is the chance of late fees and other additional penalties for individuals who owe money; therefore, many individuals who are expected to owe money are more likely to find the time to have their taxes completed than those who do not. There are no penalties for taxpayers who are expected to receive a refund to file their return late; however, there many be another problem that arises. That problem is what is known as unclaimed refunds. Click the link for 留学生报税软件

Unclaimed tax refunds are monies that are due to a particular taxpayer; however, they failed to claim them. These unclaimed refunds often result when a busy taxpayer who expects a refund puts off sending in their tax forms until it is completely forgotten about. Although the majority of Americans look forward to the day that their tax refund arrives there are still many others who allow their refunds to become unclaimed tax refunds. It is estimated that hundred to thousands of individuals each year fail to file their tax returns which would result in them receiving a refund. Filing a tax refund is a fairly simple process. For under thirty dollars an individual can purchase a tax software program that will make tax preparation easy and quick. Most taxpayers can prepare their own paper taxes by filing out a federal 1040A or a 1040EZ form. Each of these forms are likely to take less than an hour for the average taxpayer to complete.

 

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