Unfiled Tax Returns -what You Dont Know Can Hurt You
Unfiled tax returns are a common issue. It is an issue that leaves people owing a great deal of money to the IRS. The IRS defines unfiled tax returns as a criminal act. More and more rules are being made to address people who do not file their taxes. It has become necessary because this situation is happening way too much. The only way to get assistance from the IRS is if you filed your taxes and are paying your tax bill . This is considered compliance. In order to stay out of trouble with the IRS, you need to file your unfiled tax returns. If you do not file your tax returns on purpose it is considered a federal crime. The IRS does give a limited time to file past due tax returns because they understand that mistakes do happen. People also have the ability to amend a tax return.
Usually, if you forget to file your tax return, the IRS will send you a notice in the mail. Sometimes they will not send you a notice until several years from now saying you owe back taxes.
If you wait for the IRS to notice that you are late on your tax returns the penalties, interests, and fees will be a lot higher than they are currently. No deductions on your taxes will make your tax bill considerably higher. The IRS can cause great harm to you financially if you do not pay the tax returns by keeping you from being eligible for student loans, buying a house, refinancing a house, or getting a credit card. They also have the right to take all the money out of your bank account to pay towards the unfiled tax return. The IRS does not give back refunds to you unless you pay the tax returns. If you do not have the money to file your tax return, the IRS has payment options that they give to help.
by: Christina Best
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