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.
Related posts:
- $1.1 billlion in unclaimed refund awaiting tardy 2007 taxpayers
- State-by-state list of unclaimed 2007 refunds
- Time for tax recordkeeping
- Tackling tax recordkeeping
- March's tax tips
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