Guam - It marked the busiest day of the year for the Department of Revenue And Taxation as thousands of island residents filed their income tax returns today. While many filed weren't optimistic about seeing a refund any time soon, Rev & Tax is hoping they can give residents an early Christmas gift.

Two satellite offices at the Agana Shopping Center and the Micronesia Mall helped ease the long wait for last-minute tax filers. "This morning the line was pretty long, but it went smoothly people were coming in and filing and paying their taxes," said an agency official. Long lines, but the wait for a return has been even longer. "I have a tax refund since 2008 and I haven't got it yet. What more for 2010? Right," a filer shared.

Rev & Tax director John Camacho estimates that more than $46 million will be collected for individual income taxes for 2010. But for those who filed extensions, you have until October 17 to file your return. He said, "There is a penalty for failure to file that's why I advise people who are filing extensions, if they do owe taxes then they should pay the taxes by today otherwise those taxes are still going to apply for the failure to pay."

Governor Eddie Calvo's biennial budget submission calls for a loan of up to $344 million, a part of which would go to paying out outstanding tax returns totaling close to $270 million. "The 2009 we expect to complete processing by may and we're going to get right into the 2010 and anticipate finishing them by August-September and by that time, fit he Legislature approves the bond borrowing sometimes around that month September, October we can go out and actually and be ready to pay those refunds at that time. By the end of the year that's the plan, cross my fingers," said Camacho.

A Christmas present thousands of tax filers sure could use.