If you have not filed your tax return from this past year or previous years, it’s not too late! You should file late returns as soon as possible in order to avoid growing tax debt. Read on to find out more.
Late Tax Returns Don’t Go Away
It’s easy to think about un-filed tax returns as “out of sight, out of mind.” However, just because a missing tax return isn’t causing problems right now doesn’t mean it won’t in the future. The IRS receives reports about your income just like you do. They attach those records to your name and, eventually, their systems will identify that you never filed a tax return for a particular year.
Unfiled Tax Returns Could Mean Growing Debt
If you fail to file a return and you owe taxes that year, the IRS will assess penalties, fees, and interest on top of the amount of tax you owe. Even if you don’t file your tax return, that doesn’t mean your tax liability doesn’t exist. If you owe the IRS money, odds are they will find out and they will seek to collect that money (and all accrued debt) even if it’s after the fact.
Getting Help to File Back Taxes
Deciding to file missing tax returns and settle up with the IRS can be a hard step. That’s where the team at Taxation Solutions, Inc. comes in. We are here to provide expert tax assistance to people in Raleigh and the surrounding area. We will help you communicate and negotiate with the IRS to get your back tax returns filed and your tax debt resolved in a workable way. Call our team today to find out how we can help!