NON-FILED TAX RETURNS
If you or your business hasn’t filed a tax return in a year during which you made money — or even lost money — you need to get that information together and file those returns. The government, and the Internal Revenue Service, in particular, takes a dim view of non-filed tax returns. In fact, failing to file your tax returns is a criminal offense.
Obviously, this is not a situation to take lightly. If you don’t file the tax returns you owe, you can be prosecuted, most likely successfully. You face potential punishment that includes jail time — the law stipulates that you can be incarcerated for up to one year for each year you haven’t filed. Keep in mind, however, that the IRS does not want to put you in prison; it would much rather work with you to get your filings straightened out.
FILE NOW; NO EXCUSES
If you have non-filed tax returns, contact the best-rated accountant immediately. Personal accountants are there to make your transitions into wealth and status easier and more fruitful. Their job is to:
- Pull your financial information together as thoroughly as possible
- Create the tax return professionally, with your best interests in mind
- File the tax return with the IRS as quickly as possible
Every year, the massive computer center at the IRS gets more sophisticated and more powerful. If you haven’t filed a tax return for any year, you’re sitting on a time bomb. It’s just a matter of time before the IRS catches up with you. And if they find you, they’ll file your tax return for you, which means you won’t receive any of the deductions due to you. You’ll get whatever the government decides to give you — and they likely won’t worry about getting you the best deductions or protecting your valuable assets.
COMMON CONCERNS
If you’ve missed filing a year’s tax returns, you may be hesitant to file it now. It’s a common fear, but it’s misguided. The sooner you file overdue returns, the better your result may be. You won’t go immediately to jail or have your assets seized. Even the IRS agrees, and they’ve provided compelling reasons for you to file as soon as possible:
- More penalties. The longer you wait, the more fees, penalties and interest payments you accrue. Stop the interest clock by filing your tax return. The sooner, the better.
- Missing refunds. If you’re due a refund — and it could happen if you’ve miscalculated your tax burden or if you hire accountants to find all your deductions — you may be too late to claim it. Refunds are collectable only if you file within three years of the return’s due date.
- Social Security. Non-filed income tax returns don’t count toward your Social Security retirement or disability benefits. If you earned money in the year you didn’t file, it never happened, at least in the view of the Social Security Administration.
- Denied loans. As you probably know, whenever you apply for a loan, you have to supply your tax returns. This is true whether you’re applying as an individual or as a business. If you haven’t filed your returns or even prepared them, you’ll be turned down for any loan.
TAKE THE NECESSARY FIRST STEPS
Before anything can be done to extricate you from your tax woes, you must file all the returns that are overdue. No tax expert can help you unless you’re willing to file. You simply must get caught up; that’s the first step toward resolving your tax issues. If you voluntarily file your delinquent returns, you’ll likely avoid harsher penalties, other than having to pay the standard interest and penalties.
An expert tax accountant can do the work to complete your non-filed tax returns quickly, assuming you have the necessary financial statements and information. During this process, your personal tax experts give you all the deductions you’re entitled to so that your return favors you as much as possible. Preparing your taxes goes a long way to diminishing how much you’ll owe in the end.
RESOLVING YOUR TAX PROBLEMS
Once you’ve taken care of any non-filed tax returns, G-Tax can begin the work to straighten out your tax obligation. Most likely, you’ll owe some taxes, with interest and penalties. But you can mitigate some of the penalties even if you can’t figure out how to pay it all off at once. The keen minds can find solutions, including:
- Offer in compromise, where you agree to pay a portion of the taxes you owe, if you can prove you’re eligible
- Installment agreement, where you agree to pay the whole amount over a certain period of time, usually between 60 and 120 days
- Tax Resolution Services, where your tax representative negotiates in good faith to reduce your penalties
GETTING BACK TO “BUSINESS AS USUAL”
Once you’ve filed your delinquent tax returns, your personal accountant can assess your situation and determine a course of action to minimize your penalties and get your finances on solid footing once again. A personal tax expert works with you to start looking forward instead of looking back.
It begins with some tax planning that helps you put taxes in their proper perspective. Perhaps auditing your finances can track your income and expenses to shed light on where your money is or where it goes. You have to get control of your finances to stay on top of your taxes. With help from expert accountants who look at your whole financial picture, from your business to your personal life, you can emerge from this experience stronger and more stable.
GET THE ADVANTAGE OF EXPERIENCED TAX ACCOUNTANTS
Let G-Tax give you the peace of mind you deserve. They can provide tax representation to minimize your obligations. They can help you avoid IRS wage garnishment and even IRS seizures. They’ll make your life a little easier during the process. They’ll help you get in compliance with the law.
Take this advice seriously and work toward filing your non-filed tax returns. You need to stabilize your finances to solidify your financial foundation. One step at a time, G-Tax can get you focused on the future, where all your financial growth awaits.
