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How To Set your Records Straight with the IRS
By Darrin Mish
If you haven't been filing your tax returns for quite some time, chances are, you are have been harassed by the IRS now. The IRS may have already sent you notices urging you to settle your tax obligations now. Penalties, fines and even jail time are just some 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 obviously disobeyed the law? The truth is, you are basically putting yourself in danger with the IRS. It's an undeniable fact that you are to file all un-filed tax returns, in the first place. You should do this even if you have doubts that you can pay for all tax dues, including applicable penalties and fees. You should also immediately file your tax returns even if you are entitled to a refund. Otherwise, this benefit will be forfeited if you don't attend to this matter right away. Filing your taxes also frees you from the collection procedures that are being enforced by the IRS. It is almost as simple as that depending on your specific situation. Actually, many people who weren't able to file their taxes don't even have tax dues. Because they didn't get the hang of it, they set this obligation aside. Now, what was once a simple issue became a big IRS problem. When you have come to terms with the fact that there is a need for you to file your taxes, it's always advisable to seek help from a tax professional. He/She will be able to effectively direct you through the web of tax filing and through IRS issues, should new ones arise. 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 tax professional. Leave it to him/her to decide on which documents are and are not needed. Examples of these forms are your W-2's, 1099's, receipts or supporting documentations for certain expenses, social security numbers of your dependents and a copy of the last tax return that you have filed with the IRS. These must all be available to your tax accountant. The more information he/she has, the easier and more comprehensive will be his/her task of reconciling your tax record. Filing your past tax returns as soon as possible will largely affect your rights to a refund and your benefits from the Social Security. A refund can be availed of only if you have filed for the corresponding taxes within three years. Beyond this point, your right will be forfeited. Essentially, this is like giving away your money to the IRS. If you're self-employed, not filing your tax returns would result to not receiving tax credits that can be useful in your Social Security retirement and disability benefits. Since you were self-employed and didn't file your taxes, the IRS cannot report your income to Social Security, and as such, you will not be given credit.
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