It is my responsibility as an Atlanta Tax Attorney and Certified Public Accountant to notify you that you could have tax refunds waiting if you have not filed a federal income tax return for 2008. In my commitment to educate my clients nationwide and in the greater Atlanta area, read more to find out what to do:
There are tax refunds totaling more than $1 billion waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.
The IRS estimates that half of these potential 2008 refunds are $637 or more.
There are numerous reasons why some people don’t file their tax return. Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury and it becomes almost impossible to obtain the refund.
For 2008 returns, the window to file your tax return and request your refund closes on April 17, 2012. The return must be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.
It is important to remember taxpayers seeking a 2008 refund checks may be held if they have not filed tax returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans.
By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2008. Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2008 were:
- $38,646 ($41,646 if married filing jointly) for those with two or more qualifying children,
- $33,995 ($36,995 if married filing jointly) for people with one qualifying child, and
- $12,880 ($15,880 if married filing jointly) for those with no qualifying children. ?For more information, visit the EITC Home Page on IRS.gov.
So remember, if you have not filed your 2008 tax return and would be receiving a refund the return must be filed on or before April 17, 2012 or you will lose the opportunity to receive it!
Do you need representation to file your 2008 tax return before April 17th, 2010? I am an experienced Atlanta tax attorney and Certified public accountant and I have been helping clients throughout Georgia and nationwide since 1982. When it comes to legal representation of your rights you want experience! The Gartzman Law Firm, P.C. is an Atlanta-based law firm qualified to help you resolve tax problems with practical solutions throughout Georgia and nationwide.