Color of Money: Procrastination Has Its Price

Originally posted on Black America Web:

WASHINGTON — The Internal Revenue Service has good news for some taxpayers.

First, if you didn’t file your tax return in 2009, you still have time — until April 15 — to claim any refund you might be due. The IRS estimates that half the potential refunds for 2009 are more than $500. That’s not chump change in my book. It could be enough to help pay for the preventive maintenance you’re supposed to regularly get for your car.

There is a three-year window from the original deadline of your tax return to claim a refund. If you don’t file your return within this time period, your money goes to Uncle Sam.

The 984,400 taxpayers who did not file a federal income tax return for 2009 could be giving up a little more than $917 million, the IRS estimates.

I know that the government needs the money right now, but…

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