Tuesday, April 21, 2009

What are Unclaimed Refunds?

One lesser-known fact is that many tax refunds are left unclaimed. Millions of dollars is left in the government’s hands when they are unable to locate an individual to issue the refund. Often it is the case that the address is out of date or has been spelt incorrectly. These unclaimed refunds will sit in wait for an allotted time and then be moved on to other uses.

There are various sites online where you can type in your information and find out if you have a refund that isn’t claimed. It is actually the case that these unclained refunds are problematic for the issuer and they do try to inform individuals where ever possible. There are various websites now online that will research for you and check to see if you have unclaimed funds. The problem though is that many people believe these sites for unclaimed refunds are scams. So they don’t bother to look to see what they may have coming to them and are rightly due.

For many a tax refund is a low priority in their minds. It is not difficult to understand how people forget that they were due a refund as it can take weeks from form submission for the payment to come through. Yet some of these unclaimed refunds are for hundreds or even thousands of dollars. People just don’t realize they are entitled to them.

For more on this business article or What are unclaimed refunds?