Filing taxes can be time consuming and difficult, which is why many people fail to file on time. One of the most common questions that we hear from our clients is “What should I do if I haven’t filed past tax returns?” This is an important matter, so it is critical that you understand every aspect in detail.
There are serious consequences to not filing a tax return, which is why it is critical that any unfiled taxes be submitted as soon as possible, while making sure to include any deductions and benefits of that year that apply to you. It would also be in your best interests to hire an experienced tax attorney to help you avoid the following penalties:
• The IRS can impose a “failure to file” penalty that can increase your tax bill by as much as 25%
• The IRS can impose additional interest charges on money that is owed
• You can lose your tax refund even if you were supposed to get money back
• The IRS can seize your wages, bank accounts, and other assets to collect the money owed
• Criminal prosecution
To learn more about what you should do if you fail to file on time, watch the video below above.
Because taxes can be a complicated process, we understand the many reasons that a lot of people fail to file. However, whether you’re missing records, are afraid that you might owe back taxes, or are confused about how to fill out the forms, it is crucial that you contact an experienced tax attorney as soon as possible.
Ebbinghouse Law Group, LLC
320 N. Meridian Street
Suite 908
Indianapolis, IN 46204
317-635-4010
https://www.thetaxsolvers.com