What are Unclaimed Refunds?

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.

It may be in your best interest to simply go online and find out if you have any unclaimed refunds. You can look for them by state. Should you find your name under any of those listings you can contact the entity to get more information. It may be well worth it for you to take a look as many people are pleasantly surprised when they discover various types of refunds waiting for them.

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What are Social Security Benefits

Some types of social security benefits have to do with a disability. In order to receive this benefit you must provide medical substantiation that you are unable to work. Other people experience that they can only work reduced hours or a different type of job that pays less. Your social security office can assist you with the specifics of such benefits as well as how to apply for them.

Some types of social security benefits can be taxable. You will need to discuss what you receive in any given year with your tax preparer. It is wise to discuss all this with a government worker or a help agency that is trained in this area as they can help you to avoid paying taxes on money that is tax free.

You may be eligible for a variety of social security benefits that you weren’t aware of. Please do your research to find all the benefits that you are entitled to. It is wise however not to be entirely dependent on social security benefits to live as these are usually designed to allow for the bare minimum of existence.

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What are my Insurance Benefits

Both health insurance and dental insurance can be obtained through your employer in most instances. If you can’t get it from them you need to look into coverage on your own. There are many insurance companies now that realise many people are looking for personal insurance policies for themselves and their families and have many different schemes so finding one that suits you should not be difficult.

Life insurance is another type of benefit that you will want to look into. This allows you to pay in a premium and then upon your death your beneficiary will be paid a set amount. Often this policy type gives a great deal of peace of mind to the individual that upon their death their loved ones will have some help in dealing with all the necessary costs and legal expenses.

With so many variations of insurance benefits though you need to be very careful. Make sure you read all of the details of it so you know what you are paying for. There can be many clauses of exemption in policies that can easily be overlooked. Examples of this can be pregnancy not being included on a health insurance policy or suicide not being a valid cause of death to receive a life insurance policy pay out.


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Am I entitled to Tax Benefits?

For low-income families, the Earned Income Tax Credit is a great way for them to get a large chunk of money back when they file their taxes. By completing these forms with your employer you will receive more money in your pay cheque which is a great bonus rather than waiting a year to get it refunded.

Donating items is a great way to help others out and you can also get tax benefits for it. When you donate food, clothing, or even vehicles you need to get a receipt for it. There are rules that apply regarding how much you can deduct though so make sure you discuss this with your tax preparer.

If you work from home you may be able to take additional tax benefits there as well. Often you can make deductions for electric, supplies etc as you are a home office worker. Your tax preparer can assist you with this as well.

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How do I get Tax Refunds

It is very important to be honest about all of the information on your tax return. Should you receive a refund that you do not believe you are entitled to then you need to alert the tax office immediately. There are fines and penalties that will apply to your account should you not do this and they can really add up quickly. Should it be discovered that the information you provided was intentionally fraudulent in order to get a refund, you can face criminal charges as well.

For many the tax refund system is almost a method of savings and they look forward to the end of the tax year and receiving their refund to settle credit card bills or maybe to treat themselves to a holiday of new car. The amount of a tax refund can be from just a few dollars to several thousands of dollars.

The amount of refund a household is entitled to depends on many variables. The number of people in the home, income, expenses, eligible deductions, and tax laws all play into it. In most cases it is not until you have researched and completed all the paperwork that you will know how much you are entitled to. Of course not everyone gets a tax refund and that tends to lead to even more resentment of the entire system for them.


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