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This is almost unbelievable but the IRS announced that there is $1.1 billion dollars waiting for people who have not filed their 2007 income taxes. For those of you who may not have filed yet, the deadline is April 18, 2011.

According to the IRS, at least half of the refunds are for $640 or more. In many cases, those who did not file are workers who did not meet the income requirements to file or for people who make quarterly tax payments.  The IRS gives a three year grace period for filing but after that the US Treasury gets to keep the money.
What you need to know if you haven’t filed your 2007 tax return yet:

  • Tax returns for 2007 need to filed AND postmarked by April 18, 2011;
  • There is no penalty for filing a late return that qualifies for a refund;
  • If there is a qualified refund, the IRS will hold the check until 2008 and 2009 tax returns are filed;
  • The refund will also be applied to any other amounts owed the IRS and other debts such as student loans or unpaid child support.

Anyone who has procrastinated about this should take note and see if you are one of many who may qualify for this refund.
Tax forms are available at IRS.gov or by calling 1-800-Tax-Form.

This Business article was written by Kathy Clark on 3/16/2011

Kathy Clark is an MBA who is passionate about helping small business owners see their vision come to life by creating infrastructures that support business development and growth through strategic customer focus. She writes for The Thriving Small Business.