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Does the IRS Have Money Waiting For You?

August 23rd, 2011 | Author: admin

Does the IRS Have Money Waiting For You?

Below is an IRS Tax Tip that addresses that question:

Does the IRS Have Money Waiting For You?

IRS Summertime Tax Tip 2011-13, August 3, 2011If you earned income in the last few years but you didn’t file a tax return because your wages were below the filing requirement, the Internal Revenue Service may have some money for you. The IRS also has millions of dollars in checks that are returned each year as undeliverable.Here’s what you need to know about these two types of “missing money” and how to claim it:Unclaimed Refunds
Some people earn income and may have taxes withheld from their wages but are not required to file a tax return because they have too little income. In this case, you can claim a refund for the tax that was withheld from your pay. Other workers may not have had any tax withheld but would be eligible for the refundable Earned Income Tax Credit, but must file a return to claim it.

To collect this money a return must be filed with the IRS no later than three years from the due date of the return.
If no return is filed to claim the refund within three years, the money becomes the property of the U.S. Treasury.
There is no penalty assessed by the IRS for filing a late return qualifying for a refund.
Current and prior year tax forms and instructions are available on the Forms and Publications page of www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Information about the Earned Income Tax Credit and how to claim it is also available on www.irs.gov.

Undeliverable Refunds
Were you expecting a refund check but didn’t get it?

Refund checks are mailed to your last known address. Checks are returned to the IRS if you move without notifying the IRS or the U.S. Postal Service.
You may be able to update your address with the IRS on the “Where’s My Refund?” feature available on IRS.gov. You will be prompted to provide an updated address if there is an undeliverable check outstanding within the last 12 months.
You can also ensure the IRS has your correct address by filing Form 8822, Change of Address, which is available on www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676).
If you do not have access to the Internet and think you may be missing a refund, you should first check your records or contact your tax preparer. If your refund information appears correct, call the IRS toll-free assistance line at 800-829-1040 to check the status of your refund and confirm your address.

Links:

“Where’s My Refund?”

Form 8822, Change of Address

YouTube Videos:

Haven’t Filed a Tax Return in Years?: English | ASL

If the IRS has money waiting for you there is a limited amount of time to get your return filed to get your refund so contact me right away. I am a CPA with years of experience preparing tax returns for the public. Please feel free to contact me using the information below.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

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Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Posted in Income Taxes | Tags: CPA, File, IRS, Money, Tax Return

« Ideas: How Young People Can Become Entrepreneurs and Find a Home

IRS Tax Tips: Do You Owe the IRS Money? What You Need to Know. »

Jeff Haywood, CPA

Does the IRS Have Money Waiting For You?

Does the IRS Have Money Waiting For You?

Does the IRS Have Money Waiting For You?

Standard Disclaimer:

Comments:

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