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IRS Has 1.3 Billion In Unclaimed Refunds!

The IRS has reported that more than 1.4 million tax payers are due over $1.3 BILLION in unclaimed refunds because they have not filed a 2006 tax return. These refunds are still available, but only if a 2006 tax return is filed before April 15th, 2010. After that, the government gets to keep your refunds.

So if you thought you did not make enough income to file a tax return for tax year 2006, you may have money due to you. The median refund for 2006 is $604, and in this economy every penny counts. If you haven’t filed a 2006 tax return, contact an R&G Professional today and we will help you determine if any of these unclaimed refunds belong to you. Continue reading.

New York To Name Tax Delinquents

In an effort to shame those that owe the state taxes, New York has taken the extraordinary (and desperate) measure to name the 500 biggest tax delinquents (individuals & businesses) on their website www.nystax.gov.

The move by the state Department of Taxation and Finance is part of a more aggressive effort to recoup some of the more than $14 billion owed to New York. Officials estimate at least $4.2 billion is recoverable and could help close next year’s projected $9.1-billion budget deficit.

Of the 250 individuals owing the most in back taxes, 33 are from Nassau and 21 from Suffolk. Among the 250 businesses owing the most in back taxes, 22 are from Nassau and 30 from Suffolk. Continue reading.

Maximize Your Return

There are many ways to maximize your refund in any given tax year. However, as opposed to sifting through reams of tax laws to determine whether or not you qualify for certain tax credits, various deductions or if you should file additional tax schedules, one of the easiest & most frequently overlooked adjustments you can make is to your employee withholding.

Your employee withholding is the amount of taxes your employer withholds from your paycheck for tax purposes. In the absence of credits/deductions, the majority of a taxpayer’s refund comes from an overpayment of this withholding. Hence the term “Tax Return”. Asking your employer to slightly increase your weekly withholding, can make a significant difference in your future tax returns.

This is especially important now because the IRS has made changes to their federal with holding tax tables. The new Working Pay Credit aims to off-set the decrease in tax withholdings. However, not all employees will qualify for this credit, which means that those who are normally accustomed to a refund, can wind up OWING taxes. Continue reading.

Looking for additional resources?

Visit these sections of our blog for additional reading and tax resources: The True Cost of Doing Your Own Taxes



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