Act fast to claim a 2008 tax refund

If you (or a family member) didn’t file a tax return for the year 2008, you could be about to lose out on a nice refund check. The IRS recently announced that it is holding more than $1 billion in refunds from the year 2008. Here’s how the situation arose.

About a million filers, many of them students and retirees, had taxes withheld from their earnings that year but didn’t bother to file a return. That was quite legal if they didn’t earn enough to reach the minimum income for required filing. And in many cases they forgot that taxes had been withheld and that they were eligible for a refund. For example, a student might have worked at a summer job, gone back to school in the fall, and not given taxes a second thought.

If you think you are due a refund for 2008, it’s worth filing a return. The IRS estimates that around half of those who are eligible would receive refunds of over $600.

But you’ll need to act fast. Unless you file a 2008 return by April 17, 2012, the statute of limitations will have run and you’ll be too late to claim your refund.

Contact our office as soon as possible if you need assistance with this or any tax filing. And don’t forget, your 2011 tax return is also due on April 17, 2012.

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