Although submitting your taxes is never enjoyable, the IRS will pursue you if you fail to do so. In their best interests, not yours, they are able to file a return on your behalf. You could be subject to severe fines or perhaps legal action if you have unfiled returns.
The IRS is continuously searching for taxpayers who have failed to file their required income tax returns and/or payroll tax returns. It won’t be long before the IRS finds any outstanding returns from you and requests them, along with any fines and interest that may be owed. The IRS will get in touch with you sooner or later, and the amount they say you owe will be much larger than what you actually owe. Even though you don’t want to be in this predicament, you will be forced to pay the debt, unless you can prove otherwise.
You are required by the IRS to file your tax returns by April 15th of each year. It may not be the most pleasurable task in the world to do your taxes, but it is nevertheless crucial. Many folks don’t file at all or wait until the very last minute to do so. Unfiled tax returns may result in severe repercussions. If you don’t file your returns, you could face the following penalties:
The IRS will impose a penalty equal to 5% of any unpaid taxes for each month that a tax return is overdue. The maximum increase in this is 25%.
You will pay a lesser fine if you file by April 15 but still owe the IRS money. For each month that the unpaid tax balance is outstanding, you will be assessed a 0.5% penalty. Keep in mind that you must file by the annual deadline of April 15. If you must submit an extension to avoid late filing penalties, speak with a tax expert. But keep in mind that a delay won’t provide you more time to make payments. If penalties are not paid before the tax deadline, they cannot be avoided.
The government may spend time looking into you if you frequently file your taxes late. If you file your taxes after the deadline, fines will be imposed. This can cause a delay or even the loss of your tax refund, depending on how much the penalties cost.
The IRS must issue you a refund for any past taxes you owe within three years. After the third year, you will no longer be eligible for those back-tax refunds if you don’t file your taxes. In essence, you are wasting free money that you could be using.
The problem will get worse the longer you delay to file your tax return. Here are some crucial actions you may do if you have unfiled tax returns:
It’s time to get things done if you haven’t dealt with your taxes in a while. An experienced tax resolution company can help you get back on track. There are frequently more ways to recreate your tax returns even if you lose your data. However, this can only be done by a tax resolution professional.
An experienced tax resolution professional can locate W2 and 1099 forms for you if you are missing them from prior years.
Many people put off filing their tax returns out of concern that they won’t have enough money to cover the costs, but these concerns are frequently unwarranted. According to IRS data, 34% of all unfiled federal tax returns may really be eligible for a refund!
Now that you have all the required paperwork, it’s time to do the math. Prior to filing the forms, you won’t be able to acquire precise figures, but you can get a rough sense of how much you might owe.
It’s crucial to have a professional on your side when dealing with back taxes and unfiled tax returns. A tax resolution specialist can offer crucial guidance and assistance on how to lower the amount the IRS says you owe as well as the appropriate course of action for your circumstances.
In your struggle with the IRS, you are not fighting alone. Having a professional on your side who understands how to obtain the assistance you require and deserve is crucial because the IRS is prepared and waiting for you.
It will help you get back on track if you file those past due returns as soon as possible, before any additional harm becomes irreparable. Tax preparation may seem like a challenging process, but assistance is available. The right professional can handle concerns with the IRS and lessen the stress of this difficult situation.
We can help if you need tax relief and have unfiled tax returns! To lessen the burden of your situation, we provide a FREE consultation. Because the consultation is absolutely free, you don’t need to be concerned about confidentiality or expense.
We have a lot of knowledge to share about tax resolution and how it could help your situation. Explore our blog and when you’re ready — reach out to us and book an appointment by clicking HERE or contact us with the information below.