The April 15 tax notice came and went. For the millions of taxpayers who have not filed their income tax returns, tax relief is available for those who do now! Even taxpayers who received an extension to file, are not given time to pay the taxes owed and the necessary income Tax relief.
Failure to file your tax returns can lead to more serious problems in the long run. Not to mention, failure to file tax returns can be construed as a criminal act by the IRS, punishable by one year in jail and $10,000 annually for failure to file. Needless to say, it’s one thing to owe money to the IRS, but another to potentially lose your freedom for failure to file a .
The longer you defer tax returns, the more serious your problems will be with the IRS. Therefore, I recommend filing any tax returns that are due as soon as possible to avoid interest, penalties and the IRS collection system, as a deposit in the bank they think
With the federal budget deficit for the current year expected to top $1.8 trillion, Americans can expect more tax audits and increased IRS activities. So anyone who owes taxes to the IRS wants to avoid becoming the targets of aggressive IRS collection efforts that can cripple them financially for life.
Here are 5 reasons to delinquent file tax returns:
1) You can go to jail for not filing your taxes Even if you don’t file your tax return for one year – it’s still considered a misdemeanor and can be construed as a criminal offense by the IRS. Actor Wesley Snipes failed to report more than $10 million to the IRS and was convicted of three misdemeanor counts of failing to file a tax return. Richard Hatch, who won the first season of CBS’s hit show Survival, is in prison for reporting less than $1 million in prize money.
The IRS goes after those US taxpayers who try to avoid taxes, and average Joes are just as likely as high-profile people to be targets of the tax agency. At every level, the agency has become increasingly aggressive in pursuing fraud. Do you want to lose your freedom because you couldn’t file your tax return?
2) You can incur a penalty of 25% for not filing an income tax return In this economic trap, Americans may choose not to file because they do not have the money to pay the taxes owed. The best thing for taxpayers to do in difficult financial situations is to file their tax return, pay what they can and work with the IRS to establish a payment plan that will keep them in compliance.
Additionally, if those who owe delinquent-taxes returns, they should consider filing their returns as soon as possible to avoid the wrath of any potential IRS action. as a deposit in bank accounts.
3) You may incur other penalties for not paying your taxes If you neglect to pay your taxes, you may incur other penalties for failure. Officials who request an extension of time to file should note that this extension of time is not payable. To avoid additional penalties, taxpayers should pay by the due date and as much as they can, even if they are unable to pay the debt. You will have failure to punish, but much less. He can then work with specialized tax settlement experts to help you negotiate a tax settlement.
4) You can submit an increased tax bill if the IRS prepares your taxes for you to prepare the IRS They can file a “Substitute For Return” for delinquent taxpayers, in which they will not be able to file for all personal exemptions or legal deductions. Because these returns are filed in the best interest of the government, only deductions will see the standards deduction and personal exemption, subjecting themselves to a higher tax liability. It is therefore important that individuals file their annual returns, and any former delinquent file their tax returns as soon as possible to save money and avoid significant long-term consequences.
5) All previous taxes must have been filed to be eligible for receipt taxes b> All subsequent income tax returns must be filed before the IRS or will receive any type of tax settlement such as an offer in compromise or a monthly installment plan. In the gospel, the sooner you avoid delinquent taxes, the less punishment and study you owe.
