UPDATE SEPTEMBER 20, 2012 – Although the deadline for claiming a Federal tax refund for 2008 has passed it is still possible to claim an Arizona income tax refund for 2008. Arizona allows four years to claim refunds so it may still be worth filing an Arizona state income tax return or amended Arizona state income tax refund if you overpaid your state tax for 2008. Call (480) 363-4808 for a free no obligation review of your 2008 tax position to see if you might be due an Arizona state income tax refund.
The April 17, 2012 deadline to claim a 2008 income tax refund is fast approaching. Recently the IRS announced in IR-2012-26 that more than $1 billion of potential tax refunds have still to be claimed for 2008. In Arizona for example it is estimated that 29,000 individuals have not filed a 2008 tax return to claim refunds with a median value of $558.
To claim a tax refund an income tax return must be filed within three years of the normal filing deadline. For the 2008 tax year that means the 2008 income tax return must be filed by April 17, 2012. If the return is not filed by that date any refund due to you becomes the property of the U.S. Treasury.
Even though you will be filing the 2008 income tax return after the normal due date of April 15, 2009 there is no penalty for late filing if you are due a tax refund.
Many of those who have not filed may have done so because their income was below the filing limit. However, if you are not required to file a 2008 income tax return it may still be beneficial to do so for several reasons, including:-
- Recover excess withholding from your wages
- Recover quarterly estimated tax payments that exceed your tax due
- Based on your income you may be entitled to earned income tax credit
- If you did not receive the 2008 economic stimulus payment you may qualify for the Recovery Rebate Credit
If you have unpaid taxes or have not filed income tax returns for 2009 and 2010 any 2008 tax refund will be held back until the outstanding returns are filed or will be offset against unpaid taxes. This will also apply if you have student loans or child support in arrears. However, even in these situations it will be beneficial to file for the refund to help you reduce any liabilities.
If you have not filed a 2008 income tax return and think you might be entitled to a tax refund for the 2008 tax year call us on (480) 363-4808 for a free no obligation review of your 2008 tax position. If we identify you are entitled to a tax refund and you would like us to prepare your 2008 income tax return we can do so for our normal fee rates.
Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.
Posted By Mark Smith
Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at firstname.lastname@example.org if you need assistance with any of the above.
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