It’s an uncomfortable (and inconvenient) truth…more people than you’d be tempted to think fail to file their taxes by the April “Tax Day” deadline. If you’re one of them, you may be sweating—or cursing—a little, especially when you keep hearing people talk about everything they’re going to do with the awesome refund they are getting. Well, what’s done is done, so it’s time to pack up the pity party, roll up your sleeves and take action to prevent your failure to file your taxes from having seriously dire consequences for your future prosperity.
Unfiled taxes: Act now for best results.
If the reason that you failed to file was a less than proactive approach to getting your tax documentation together, now is the time to do a 180 and kick it into high gear. If you act right now—as in right after you finish reading this article—you can mitigate your tax troubles significantly. If you continue to put off filing and paying any taxes owed, you’ll continue to rack up penalties and fines for not paying or filing. Plus, if you are entitled to a return you won’t get that, either. So, in the immortal words of the Nike slogan, “Just do it!”
Still procrastinating? Prepare to pay the piper.
Whatever your reason for not filing your tax return, understand that the IRS will punish you for pushing past their deadline. How severe the penalties are depends on your specific situation, but in general:
Can’t pay your taxes? That’s no excuse not to file.
A common reason delinquent filers cite for not filing taxes is an inability to pay their tax bill. If you are in this situation it is especially important that you file your taxes ASAP. As you can see from the penalties noted above, not filing and not paying your taxes will only increase your total tax bill. Don’t make a bad situation worse. File your taxes now avoid the failure to file penalty and consider enlisting help from a tax professional to look at options for working with the IRS to resolve your tax obligations.
Get off the delinquent tax filer list today!
At this point, it really doesn’t matter why you didn’t file your taxes. What does matter is getting them filed and working to mitigate any further negative financial impact from failing to file and failing to pay taxes. Now is the time to reduce your tax penalties and get off the delinquent tax filer list. Need help? Contact us!
Jonathan Medows is a certified public accountant licensed in New York, New Jersey, Maryland, and Pennsylvania. He is also a recognized expert in taxation for freelancers and the self-employed—often tapped for his expert knowledge and perspective on self-employment taxation by national and regional publications such as The New York Post, BusinessWeek, Forbes taxation blog, WebCPA, CPA Practice Advisor, and others. You can read some of Jonathan’s press coverage here.
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