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| YOU ARE ONE OF 50,000,000 AMERICANS WHO MUST FILL OUT AN INCOME TAX RETURN BY MARCH 15. FILE YOURS EARLY. - NARA - 516201 (Photo credit: Wikipedia) |
It’s been said that two things in life are inescapable:
death and taxes. Yet, every year, there are people who try to get out of the
latter part of that equation. Whether they simply forget or are afraid they’ll
be unable to pay their taxes, there are consequences that come when a return is
not filed.
One thing that may happen if you don’t file is that the IRS
may file a substitute tax return for you. That might sound like you’re getting
off easy, but in reality, the IRS is not going to do you any favors. It will
likely leave out deductions and cause you to pay the highest tax amount
possible,
You could also find yourself slapped with a “failure to
file” penalty. This penalty will vary from person to person and may also
include an interest charge on any owed money.
There are other possible penalties, and they get worse the
more money you owe and the longer you wait to file. If you can’t handle tax return preparation or remember to file on
your own, don’t set yourself up for failure. Allow an accountant to help you.
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