Airdate: April 1st, 2009

We are now two weeks away from tax day.

But we are four years away from a tax day that should concern thousands of you.

Seven-On-Your-Side's Jason Pederson explains.

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Forget April 15th as a tax deadline for 2008. For 11,000 Arkansans and over one million Americans it is a deadline for 2005. The IRS is going to keep over one billion dollars owed to taxpayers who would have collected a refund in 2005 if only they had filed a tax return.

Just because your earnings don't require you to file doesn't mean you shouldn't file. If your employer takes money out, you may get money back.

The catch is…in order to get your money for 2005, you are going to have to find your W2's from four years ago within the next two weeks. That is a tall order for most people who worked part time or a short time and didn't make much.

If you have yet to file your 2008 returns, here are some changes brought on by the bad economy.

A first-time homebuyer credit of $8,000 can be claimed on your 2008 return even if you bought the home in 2009. If you already filed you can amend your return or just wait and claim it next year.

A similar tax break can be had if you buy a new vehicle in 2009, but that cannot be claimed early. You'll have to wait until next year. This deduction involves state and local sales tax.

And if you receive unemployment benefits in 2009 the first $24 hundred dollars are tax-free. But again, this is not retroactive to 2008 and won't apply until next year.

Another oversight that costs low-income taxpayers thousands each year...not claiming the earned income tax credit.

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