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Page 11 of 18 |
What if too much tax has been collected? |
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Quite often, too much tax is collected. Just because the tax has been paid does not necessarily mean that the government is entitled to keep all of it.
Many people discover that too much tax has been paid when they complete the required information or tax return. For example, when you complete your personal income tax return - after taking into account the available exclusions, exemptions, deductions and credits - you may discover that more tax has been paid than what was due to the government. On the tax return, there is a place for you to tell the government that you want a refund of the excess tax that they collected. After reviewing the return, if the government agrees that too much tax was paid, the government will cut a check for the excess and send this check to you.
In general, a claim for credit or refund of an overpayment of tax must be filed within 3 years from the time the tax return was filed or 2 years from the time the tax was paid (whichever is later). If no return was filed, the claim must be made within 2 years form the time the tax was paid. There are longer periods with respect to net operating loss, capital loss carrybacks, bad debts and worthless securities.
If you believe that too much tax has been collected from you, don't sleep on your rights - file a claim or a credit or refund today.
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