IRS Owes Floridians $67 Million

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Did you know the IRS may owe you money? Up to $67 million to be exact, if you are from Florida. That’s what the federal government themselves admit. And the money is just idling there in government coffers simply because no one has claimed it. This is money that was overpaid as taxes by some 70,400 Floridians but has not been refunded because the returns were not filed properly.

You see, the only way you can get a refund of what you paid is by submitting a tax return. Unfortunately, thousands of people who earned less than required to file a return may lose their refunds, because taxes were collected from them anyway. Apparently, more than 70 million people fall into this category, which means the average refund is about $650 per person.

The $67 million in tax refunds is calculated from 2008 onwards. In order to claim your refund, you will have to file your tax returns by April 17th this year, the deadline for the current year’s tax filing. You have three years from 2008 to file your returns to claim your refund.

Please see full article below for more information.

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Published In: Tax Updates