4.10.2009

Left Money on the Table?


Love to find some hidden money?
If you think you may have overpaid the IRS over the last couple of years, you may be right.
Take a look at your tax returns for the last two years, 2006 and 2007, and you may even go as far back as 2005, if you filed an extension for that year. There may be money hiding there. Can you think of a better time to go get it?
Think back.
Did you take all of your deductions?
Did you use your IRA or 401K distribution proceeds for items that may be on the exception list? If you did, you may be able to save some or all of the 10% penalty.
Did you use the correct filing status? Did you file single instead of head of household? This mistake could net you some more dough.
Did you file for any credits that you were entitled to?
Did you carry forward the remainder of that stock loss you had?
Did you calculate the sales tax that you are allowed? Did you add to the standard sales tax calculation, the sales tax from a vehicle you purchased or leased, a home you bought, or major home building materials?
Did you find your charitable contributions receipt and now are comfortable in actually taking the deduction?
Review your returns, there may be other errors.
Make the corrections and request your refund from Uncle Sam by filing an amendment for each of those years. If you left money on Uncle Sam's table, its time to clear the table.

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"No matter who you are, making informed decisions about what you do with your money, will help build a more stable financial future for you and your family." Alan Greenspan

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