If you haven?t filed your income tax return, it?s not time to totally panic. But it?s getting there.
You still have six days to send your return, which could result in an economic stimulus payment from the government worth as much as $600.
To qualify, taxpayers must have a valid Social Security number, $3,000 of qualifying income and have filed a 2007 federal tax return, according to Jim Dupree, spokesman for the IRS Maryland office.
“The IRS will take care of the rest,” Dupree said.
Dupree added that more than 29,000 Marylanders who didn?t file an income tax return for 2004 are missing out on more than $27 million in unclaimed funds. The law gives most taxpayers a three-year window to claim a refund, so to collect the money, taxpayers must file their 2004 returns with the Internal Revenue Service by April 15.
For anyone too busy to make the April 15 deadline, a six-month extension until Oct. 15 is available by completing IRS form 4868 or requesting an electronic extension, Dupree said.
“This will give you more time to get your paperwork completed, but make sure to include a payment for the amount of taxes owed to the IRS by April 15,” Dupree said.
More than $2.5 trillion was collected in U.S. taxes in fiscal 2006, the most recent year with full tax data available, according to research done by Fast Company magazine. About 50 percent of the funds came from individual income taxes. About 140.2 million federal income tax returns were filed last year, with about 80 million filed electronically, according to the magazine.
And for late filers, don?t worry. Fast Company reported that about 10 percent of Americans wait until the last day of tax season to file or request an extension.
