Monday, August 18, 2008

Don't Wait to Collect Your Refund!

So you haven't filed your tax returns yet but you're not worried because the IRS owes you a refund. You can always go back and file to get your money when you need it right? WRONG! You do have the ability to file a late tax return and claim any refunds due to you from the IRS but pay attention: THERE IS A TIME LIMIT!

Generally, you may claim a refund only within three years from the time period the tax was paid or withheld from wages. There are some exceptions to this rule (of course) so you want to review the guidelines on the IRS website order to make sure you are within your rights to file a claim for a refund. The bottom line is file your tax returns on time...especially if you are due a refund. Once your time limit has expired your money will now be a tax donation to the IRS...without the benefit of the write-off for charitable contributions. Don't miss the opportunity to collect your money! If you don't know how to claim it or don't know if you qualify please consult a professional tax consultant.

No comments: