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$1.1 billion in tax refunds waiting to be claimed, but only until April 18

March 26, 2011

About a month ago, the IRS announced that millions of people didn't file a 2007 tax return. By neglecting this tax task, they left behind $1.1 billion in unclaimed tax refund money.

Some taxpayers in every state are owed refunds they didn't claim three years ago. And the IRS still is trying to give this money back.

The IRS estimates that half of these potential refunds are $640 or more.

But if the negligent taxpayers don't send in a 2007 return by this year's April 18 filing deadline, their money becomes official U.S. Treasury property.

Tax records critical before and after filing: You can always be sure you met your tax-filing obligations if you keep good records.

It's just as important to have documentation of your completed returns as it is to have organized files of the material you need to file your taxes.

If you don't have copies of past year returns, check out Today's Tax Tip up in the upper right corner of the ol' blog (or #26 in the complete list of March tax tips). It tells you how you can fill in your tax return record gaps.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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