About Non-Filing of Tax Returns by dmishesq


									About Non-Filing of Tax Returns
If you have tried not filing your taxes for a number of years, certainly you have been hearing horror stories from other delinquent filers. Penalties, fines, and even jail time are but few of the consequences for not filing your annual taxes. In fact, you are probably experiencing some trouble with the IRS right now. You are probably receiving notices from the IRS requiring you to settle your dues now. Before it gets any worse, you must definitely handle things correctly. But what is probably the best thing to do when you haven't been filing your tax returns for several years now? You are essentially setting yourself up for a big IRS problem. Filing the un-filed tax returns is the first step to setting your records with the IRS straight. This must be done even if you're not financially stable to pay for all the penalties, fees and other charges. You should also immediately file your tax returns even if you are entitled to a refund. Otherwise, if it takes you too long to file for those tax returns, your benefit of getting the refund will be forfeited. Depending on your specific situation, consequences for not filing your taxes will vary. If you are a non-filer, correcting your tax records will cause the IRS to stop enforcing their collection strategies on you. In fact, many people who have not filed tax returns do not really owe the IRS anything. They simply chose not to file because they didn't have the time and knowledge on this tax obligation. Because of this, the simple excuse is now a big legal battle. It is a good idea to employ the services of a tax professional when you decide to file for taxes that should have been filed before. He/She will prove to be a useful resource in helping you file your taxes correctly and in assisting you in dealing with present and subsequent problems with the IRS. In addition, he/she will be able to give you sound advice on IRS guidelines because of his/her solid experience in the field. In meeting with your tax professional, be sure to bring as much information as you can. He/She will be the one to identify which documents are more useful than the others. Examples of these documents are your W-2's, 1099's, receipts or supporting documentations for certain expenses, social security numbers of your dependents and a copy of the last tax return that you have filed with the IRS. Your tax accountant must have full access to all of these. The more information he/she has, the less taxing and more comprehensive will be his/her task of reconciling your tax record. Filing your past tax returns as soon as possible will primarily affect your rights to a refund and your benefits from the Social Security. In order to receive a refund, you must file the corresponding taxes within the next three years. Beyond this, your right to getting the refund will be forfeited. Basically, this means that you are throwing away your money. If you are self-employed, not filing your tax returns would result to not receiving tax credits that can be useful in your Social Security retirement and disability benefits. The IRS will have no record of your taxes so they can't report your earnings to the Social Security, thus, you won't be given tax credit.

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