PARSIPPANY, N.J., March 29, 2012 // PRNewswire // -- Did you know that according to the Internal Revenue Service, there are still unclaimed refunds for those who did not file 2008 tax returns? With approximately seventy-five percent of tax returns resulting in a refund, Jackson Hewitt Tax Service® reminds the one million taxpayers who haven't filed a 2008 tax return that the time to act is now – before the window of opportunity closes on April 17, 2012.
"The IRS offers a three-year window for filing a federal tax return, and for the 2008 tax year, the cut-off date is coming soon," explained Mark Steber, chief tax officer, Jackson Hewitt Tax Service. "Approximately half of the refunds available are for $637 or more, so it's wise to spend the time filing for 2008 now, as you are tackling this year's preparation and filing."
The IRS has taxpayers in every state who are potentially owed refunds from 2008. States with the highest number of unclaimed refunds are California (with 122,500 individuals who did not file a 2008 return), Florida (70,400) and New York (60,300).
There are several reasons why a taxpayer may have neglected to file, including having too little income to require filing. But even if someone's income was too low, they likely had money withheld from their employment that is now available to them as a refund. In addition to receiving money that was withheld, filing a 2008 tax return also allows those who are eligible to claim certain credits, such as the Recovery Rebate Credit, the First-Time Homebuyer Credit or the Earned Income Tax Credit.
To claim a 2008 refund, taxpayers must have filed for the 2009 and 2010 tax years. Taxpayers will not incur any late filing penalty and will be able to receive their refund if they file a return by April 17, 2012.
"Remember, this is your money, so be sure to file your return and claim your refund," said Steber. "Otherwise, it becomes the property of the U.S. Treasury."
Based in Parsippany, NJ, Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with nearly 6,500 franchised and company-owned locations throughout the United States, including 2,800 located in Walmart stores nationwide. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate your neighborhood Jackson Hewitt® office, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
David G. Weselcouch
Jackson Hewitt Tax Service Inc.
CooperKatz & Company
SOURCE Jackson Hewitt Tax Service Inc.