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Still Haven’t Filed Your 2007 Income Tax Return? You are in Jeopardy of Losing Your Refund.

If by chance you haven’t done your legal duty as an American taxpayer and filed your 2007 Income Tax Return, you could soon lose out on laying claim on any refund owed to you by the IRS.

 

On April 18, 2011, the statute of limitations runs out on receiving a refund for your 2007 tax returns.  If you do not claim your refund by this time, the IRS can then legally keep any refund you would have gotten had you filed your 2007 Income Tax Return.  There are many tax scenarios that might help you qualify for a tax refund, so consulting with a Certified Public Accountant to check your eligibility would be wise.

 

The IRS website states that “Losing your refund.  There is no penalty for failure to file if you are due a refund.  However, you cannot obtain a refund without filing a tax return.  If you wait too long to file, you may risk losing the refund altogether.  In cases where a return is not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund.”  See the Internal Revenue Manual, section 25.6.1.8.5, for the official wording on the statute here:  http://www.irs.gov/irm/part25/irm_25-006-001.html .

 

The IRS estimates that half of these returns may net a refund of $640 or more from taxes withheld or estimated payments made during 2007.  In addition, many qualifying low to moderate income workers might not have claimed their Earned Income Credit.

 

The IRS says that “a taxpayers 2007 refund will be held if they have not filed for 2008 and 2009 or applied to any amounts owed to the IRS, or used to offset unpaid child support or past due federal debts.

 

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