The Deadline for Claiming Your 2007 Tax Refund is April 18th

Posted by Tax Advisor

Remember 2007?

Remember 2007? A snowstorm dumped eight and half feet of snow on Mexico. That’s Mexico, New York, in case you were wondering. Even then, it was one of the hottest years on record since, well, the beginning of record keeping. A tornado hit Manhattan in August, but that was picayune next to the Yankees losing the division to a tribe of Indians from Ohio. Sales of the iPhone launched that summer took off and haven’t returned to earth since. And, how could we forget, Lindsay checked into rehab, Paris went to jail, and Britney shaved it all off. Bet you couldn’t wait to be reminded of that, along with the fact that 2007 was also the year you didn’t file your taxes.

There are some common causes why people omit to file in any given year. It was a hectic time in their lives, marked by shaky relationships, shifts in residence or job, and they simply forgot. Or perhaps they found themselves with too little income and felt they could ill afford to pay any taxes they feared they might have owed to the government.

In fact, an ironclad case can be made why you should do the right thing and file a late return for 2007. For one, you could be due a tax refund, one you will forfeit if you fail to file by April 18th of this year, the date on which the statute of limitation for a refund for 2007 expires. But even if you owe, it is crucial to get it done. We’ll unpack some of the reasons when we review some of the key facts involved with past year returns.

Just over a million tax payers omitted to file a return in 2007. The IRS figures that it is sitting on above a billion dollars in owed refunds for that year, with more than half estimated to clock in at $640 or more per individual. The state of California alone is looking at a total potential jackpot of $127,000,000. These are impressive numbers, all representing moneys owed to the people, that the IRS stands to pocket if said people don’t come forward to claim what is rightly theirs.

So, it is advantageous to file, if only because you may come into some ready cash. Another excellent reason is that financial institutions, banks and the like look at your past returns when evaluating whether you qualify for a loan. Many discover to their dismay that it is their failure to file in any given year that caused their application for a mortgage, car or business loan to be rejected. Regardless of your particular situation, if you still have neglected to file a 2007 tax return, it is to your benefit to file one now.

Is Filing Past Year Taxes Still Possible?

Posted by Tax Advisor

When a new tax season starts, people tend to forget about the old one, often to their peril. See, millions of American’s still last year’s taxes (or the year before or the year before) think about,. Sometimes it’s because they still have a valid extension, sometimes it’s because they forget and now they want to deal with it even less, and sometimes it’s because they weren’t aware they were eligible to file taxes. It’s the last one that the IRS will really use to get you.

Fortunately, filing past year taxes is possible at any time of the year. Even more fortunately, most people who file back taxes find out they’re eligible for a refund! The important thing is to file taxes before that refund gets garnished by fines. Here’s our back taxes advice Read the rest of this entry »

Why Past Tax Records Important–And How They Can Save You Money!

Posted by Tax Advisor

Every year, millions Americans literally throw out hundreds–potentially thousands–of dollars. This is because every year during spring cleaning, people toss out their past tax records. These records can be worth their weight in gold.

Savvy negotiators have used their past tax records to save 5%, 10%, even 25% on everything from mortgages to business loans to buying a new car. And you can to. Here’s how, in 3 easy steps: Read the rest of this entry »

Will My Past Tax Return Save Me Money?

Posted by Tax Advisor

There are a few financial documents everyone should have in their home. A copy of their lease (or mortgage). A pay stub. Credit card bills. Investment documents. And the last few years of past tax returns. In fact, with that last item, you don’t even need some of the first ones. That’s because your old tax returns are among the most valuable financial documents you have. They can even save you up to 20% on loans!

Why is that? What makes a past tax return so important?
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Is It Too Late To File My Past Tax Returns?

Posted by Tax Advisor

No!

If you’re the average American taxpayer, statistics show that you’re likely to miss a filing deadline at some point in your life. This happens for a lot of reasons: work, vacation, or financial. But if it happens to you (and if it’s happened this year) the first thing you need to do is stop panicking. It’s never too late to deal with past tax returns–you just have to do what you’re doing!

So what do you do when you realize you have some past tax returns?
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Remove the Debt of Past Years Taxes–And Even Earn Money!

Posted by Tax Advisor

Debt hurts all of us. The longer we let it hang there, the more damage it does to our credit, to our lives, and to our stress levels. Fortunately, while the road to getting out of debt can be long, the process can be easy–if you plan for it. Here are 3 ways that your past years taxes can help you move out of debt and even earn you money!

  • By filing your past years taxes. If you haven’t filed some of your tax returns, you should stop reading this and do that immediately. Lacking tax records is one of the biggest ways that people accumulate poor interest rates and poor credit scores and it is easily, easily fixed. In fact, many people who have failed to file their back taxes are actually owed a refund! By letting those old taxes linger unfiled, you’re only hurting yourself.
  • Read the rest of this entry »

3 Reasons to Keep Past Taxes: The Key To Your Financial Future

Posted by Tax Advisor

What’s more likely to get you a good loan rate? The amount of money you have available to you right then or documents showing what a solid non-risk you are financially? If you answered the former, well, I have some bad news for you. As much as money on the table helps (and it does help) the fact is, the bank or lending isn’t going to be lending to you just that day. They are lending to you over time. They want you to show them that, over time, you’re hardly a risk at all. One of the best ways to prove that? Your past taxes.

Yes, it’s true. Your past taxes can be incredibly valuable beyond the refund they gave you. Here are 3 ways:
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Failed To File Your Past Due Tax? Don’t Panic: There’s a Solution

Posted by Tax Advisor

The IRS is, to many Americans, the face of bureaucratic incompetence. They’re slow. They take our money. They screw up. But did you also know that they understand? It sounds crazy, right? The IRS having feelings? Compassion? The ability to think? But for millions of Americans, mostly those with past due tax, the stereotype of the IRS is what’s keeping them from discovering this compassion–and receiving a refund while doing so!

Sounds too goo to be true, right? Well it is. Here’s why:
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Getting Past Tax information Online – For Free!

Posted by Tax Advisor

Getting helpful information about your taxes can be a real pain in the…you know. It seems that nearly everyone involved has an agenda: the IRS wants you to pay the most money, your accountant wants to bill you by the second, and your friends just want to tell you about how great their accountant is. It’s a mess and it’s even worse when you’re struggling at getting past tax information out of people.

But there’s a solution you may have already stumbled on for getting past tax information: the internet.
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