File Your 2006 Return or Forget Your Refund!

If you have yet to file a tax return for tax year 2006, the Internal Revenue Service has good reason for you to do so, in fact, they have 1.3 billion reasons for you to file! You need to act fast though, in order to claim any unpaid refund you may be due. According to the IRS, in an announcement dated March 2nd 2010, almost 1.4 million people could be due a refund on their 2006 tax return if they file it by April 15th, 2010. A total of $1.3 billion waits for American taxpayers who have not yet filed their %LINK2%. Here are some facts that you need to know about filing delinquent or %LINK1%:

1. Delinquent tax returns cannot be electronically filed, so the 2006 tax return must be postmarked by April 15th to count as filed by the deadline.
2. The IRS will only issue refunds for the past three years – if you file your 2006 return after the deadline and are due a refund, then that refund automatically becomes the property of the United States Treasury. In other words, you don’t get your refund because 3 years have passed.

Some people do not file a tax return because their income level does not require them too. However just because they don’t think they need to file a tax return because their income is under the taxable level, by not filing, they are missing out on possible refunds. If you qualify for any refundable credits (such as the Earned Income Tax Credit or, exclusively for 2006, the telephone tax refund credit) or if you’ve had any withholding throughout the year, it is probably in your best interest to file a tax return. One other thing you should be aware of is that even if you file your 2006 return, any refund you think you are due will be held by the IRS if you have not filed a tax return for tax years 2007 or 2008. The IRS can also hold your refund if you have other outstanding debt obligations. You should seek help and advice from a qualified and certified source before proceeding. If you do file your 2006 return late, it is very important to make sure that you have selected the correct form and filing status for your situation as it was 2006. For example, if you were married in 2006 but are no longer married, then you need to file your 2006 return as married: again please should seek qualified and certified help in determining these things as mistakes can delay and reduce any refund you may be due. Finally, be sure to review your return to make sure there are no mistakes such as math errors, missing information, or missing signatures that would delay processing.