|
  |
|
|
How To Set Things Right with the IRS
By Darrin Mish of Law Offices of Darrin Mish
If you're guilty of not filing your taxes for a few years already, you are probably experiencing some issues with the IRS right now. You may have been receiving notifications imploring you to settle your taxes. Penalties, fines and even jail time are only few of the consequences of a delinquent tax payer. Before what started out to be a simple matter goes out of hand, you might want to set things straight now. You may ask: what will become of me when I have apparently broken the law? The truth is, you're basically putting yourself in danger with the IRS. The first thing that you need to do is file all the tax returns that you haven't submitted to the IRS. Even if you're not sure of your financial capacity, you are still required to do this. However, in the rare instance that you are entitled to a refund, there will be no penalties incurred. Note that not immediately filing your tax return will make you lose the right to that benefit. Depending on your specific situation, consequences for not filing your taxes will vary. If you're a non-filer, setting your records straight will not only get you back in your financial track, it will also implore the IRS to stop enforcing penalties on you. This may come as a surprise but many people who are non-filers do not even have tax dues. They simply did not file because they didn't have the time or didn't have the needed background. Because of this, the simple excuse is now a major legal battle. When you've come to terms with the fact that there's a need for you to file your taxes, it's always best to seek assistance from a tax professional. He/She will be able to correctly file your taxes and help you in facing the IRS should any new troubles surface. His/Her experience in the field will be of great help to you too. Be sure to bring as much information as you can when meeting with your accountant. Leave it to him/her to determine which documents are and are not required. Examples of these forms are your W-2's, 1099's, receipts or supporting documentations for certain purchases, social security numbers of your dependents and a copy of the last tax return that you have filed with the IRS. Your tax accountant should have full access to all of these. In effect, it will be less taxing for him to reconcile your tax records. Filing your past tax returns as early as possible will primarily affect your rights to a refund and your benefits from the Social Security. A refund may be received only if you have filed for the corresponding taxes within three years. Beyond this, your right to getting the refund will be forfeited. Essentially, this is like giving away your money to the IRS. If you have failed to file a tax return and you happen to be self employed, then you will not receive credits that will be carried over to your Social Security retirement or disability benefits. Since you were self-employed and did not file your taxes, the IRS cannot report your income to Social Security, and as such, you will not be eligible for a credit. |
|
 |
|
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "How To Set Things Right with the IRS" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
