If you wait too long and miss the April deadline, you may wonder if you should just skip filing altogether. They go years without reporting income or filing a tax return, and they get away with it. You can also file an extension which allows you some extra time to figure out your taxes. Below are five reasons why you should file your taxes.
The IRS may be large and sometimes slow, but the agency has one thing on its side: information. The agency then waits, expecting a tax return from you based on your wages indicated on that W In addition, banks, investment companies, and businesses send Form to the IRS to report various types of income you received throughout the year. If you sell real estate , the IRS receives a form showing how much you received from the sale.
Not filing taxes is a guaranteed way to owe more money to the IRS. A solution is waiting. Reach out today! Call or Contact Us Online Today! Tax Group Center lnc. All Right Reserved. By using our site you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. And while the IRS has asked taxpayers to file early — in part due to the enormous backlog of returns that it is still sorting through — many Americans will inevitably fail to file their returns by Tax Day.
Individuals who owe federal taxes will incur interest and penalties if they don't file and pay on time. For every month you fail to pay, the IRS will charge you 0. For any month that you owe both penalties, the failure to file amount is reduced by the failure to pay amount. Taxpayers have the option to file for an extension , which will give them an extra five months to get their returns in by October But I'm owed a refund this year.
But I'm just gonna stay underground. And then it's a mess. Olson should know — she served as the National Taxpayer Advocate for 19 years before stepping down in In these cases, she says, "the worst thing that you can do is nothing at all.
The tax agency acknowledged that people's finances may be tight because of the pandemic, and encouraged taxpayers to get in touch. The agency offers a guide for filing taxes if it's been a while, as well as a tool to find out if you're not required to file. If you've gone a decade without filing a tax return and nothing has happened, that doesn't mean you're off the hook.
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