Thursday, April 17, 2008

I Forgot To File My Taxes

It is estimated that each year over ten million people do not file their income taxes. The reasons for not filing vary from procrastination, not understanding the process, not having the funds to pay their taxes, or deliberately not filing. If you are one of these “non-filers” simply because you forgot to file, you have created for yourself an IRS problem. Lucky for you, this one time offense can be easily rectified. With the help of an experienced tax professional and your willingness to address the problem, your IRS problems can be resolved.


The IRS has a sophisticated computer system to help them catch those taxpayers who have not filed. To avoid the IRS catching up with you before you have the opportunity to file your taxes, notify them of your delinquency and your intent to file. You will hopefully be given time to file your taxes without the threat of criminal prosecution.


Next, get the necessary forms and documents together and prepare the tax return. If the need arises and you have to deal with the IRS, you might want to consider hiring a tax professional to assist you. They will be able to direct you to the appropriate forms you will need and answer any questions that may arise.


Be informed. If you are going to receive a tax refund, remember there are time limits for refunds. It is wise to know your rights. If you have a tax debt, the IRS can use your refund for partial payment of this debt.


If you determine that you owe taxes, be aware that you will be assessed penalties and interest for filing late so the sum you owe will be larger. If possible, pay this sum in full at the time you file your return. This will also help alleviate any ensuing IRS problems.


Plan ahead. Consider reviewing your financial situation with a tax professional. This could help you from having IRS Problems happen to you again. You and your family will benefit from wise counsel regarding your tax returns and any dealings with the IRS.

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