Tax season is probably the most stressful time for workers. While you can go throughout the year not thinking anything of taxes, when the first of the year hits, it is unavoidable. Many Americans have no problem filing their taxes. They simply go to a tax preparer then send off the filings. However, some people put off filing, or don’t file at all. If you are in this type of situation, chances are you are starting have a feeling of worry and dread that something might happen.
The IRS knows everything, or at least that is what we are all lead to believe. So how could someone go a year or two, or more than that without paying Uncle Sam? Those that don’t file may think because the government owes them money they are in the clear and don’t need to file. In these cases, the amount owed isn’t that much, and some don’t see a purpose in doing all the legwork to file to get maybe twenty dollars back. But the meaning of filing taxes isn’t just to give and tax money, though it would seem that way, it is also a way to collect information and keep records. Without accurately recording your tax history, you may find that obtaining credit could be a problem.
To answer the question, are there consequences to not filing, you should almost always expect there to be. The IRS doesn’t let people off lightly. They will assess interest on the money owed, if that is the case, or hit you with other penalties. Not filing your taxes can seem like a minor deal, but when it comes to the IRS its a no-go. National tax experts 500 n brand blvd glendale helps people all the time avoid the pitfalls of not filing while helping them to get caught up and have accurate records.
The best thing you can do if you have delayed filing is to get your tax filings in. By putting off the inevitable you could be in serious trouble, and it could be considered tax evasion. While this is a serious charge, it is avoidable if you take action quickly. Many things can contribute to not filing, including being incapacitated, divorces, and much more, but not communicating with the IRS is the worst mistake you can make. Seek a consultation with a professional to find out what options are the best fit for your situation, and the best route to take to limit your consequences from not filing.
|