Friday, April 24, 2009

What are Unclaimed Refunds?

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 unclaimed 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.

While most of us know when we file our income tax returns if we will get a refund, the IRS sends out other checks later on. These are due to the information on the return not being correct. This often means that a household will actually receive two cheques, however as they were only expecting one payment it can sometimes be the case that they have moved and the second payment never reaches them.

More on this business article or What are unclaimed refunds?