Avoid interest and penalties filing your past due return and paying any balance due to limit interest charges and late payment penalties. But no only you will benefit from paying extra taxes in form of interests and penalties, but also you won't loss your right to claim any pending refund hold because of your fail to file past due returns. In addition, if you are self-employed and do not file your federal income tax return, any self-employment income you earned will not be reported to the Social Security Administration and you will not receive credits toward Social Security retirement or disability benefits. Furthermore, filing your pending returns avoid issues obtaining loans. Loan approvals may be delayed if you don't file your return. Copies of filed tax returns must be submitted to financial institutions, mortgage lenders/brokers, etc, whenever you want to buy or refinance a home, get a loan for a business, or apply for federal aid for higher education. Every day the massive computer center at the IRS is getting more sophisticated, it's just a matter of time before they catch up with you.
If you don't file voluntarily, the IRS will file a return for you which will be in the best interest for the government because this return might not give you credit for deductions and exemptions you may be entitled to receive. They will send you a Notice of Deficiency proposing a tax assessment. If you do not react, then the assessment will lead to a tax bill, which, if unpaid, will trigger the collection process. This can include such actions as a levy on your wages or bank account or the filing of a notice of federal tax lien.
If you repeatedly do not file, you could be subject to addtiional enforcement measures, such as additional penalties and/or criminal prosecution.
Let us give you the peace of mind you deserve by helping you get in compliance with the law. Usually but not neccesarily, you will likely owe taxes with interest and penalties after all unreported returns are filed. Then we will establish the best way to get you off the hook.
Call us at 407-922-8899 with any questions or to schedule an appointment.
RR Accounting & Tax Services
2824 Michigan Ave., Suite A
Kissimmee, FL 34744
Or you may use our contact form.
You can reach us during the following business hours:
Monday to Friday 9 am to 6 pm Saturday by appointment only