The consequences for failing to pay taxes and failing to file taxes are vastly different, with failure to file incurring much higher rates of penalty. If taxes remain unpaid, a truant taxpayer may be charged high penalty interest rates, see their assets seized, and in rare cases, face jail time. At the very least, if you’re looking for more time to pay your taxes, you can file form 4868 for a six-month extension. This type of correspondence insures that the IRS knows the taxpayer is experiencing difficulties paying their taxes or filing them by a given deadline.
If you simply don’t file taxes, there’s a possibility that after extra fees have accrued, or the IRS will simply file your taxes for you in the worst way possible; they will file the taxpayer as a single individual with only one exemption, despite what criterion they fall under. This will in turn create a larger amount owed.
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If you don’t pay taxes, the IRS will take action against you. It’s usually not immediate, but after enough back taxes go unaccounted for, the government will take action and put a lien on your paycheck or property. Perhaps even a state lien, depending on the situation. As a whole, the taxpayer will take a large monetary hit and their credit will plummet. They’ll have to spend extra money than they otherwise wouldn’t have had to pay. In the worst case scenario, especially if they’re wealthy and seemingly capable of paying their taxes, the government can decide that they’re purposely not paying taxes, declare fraud, and throw them in jail.
It’s important to file taxes in their respective deadline and payout the back taxes in order to avoid penalties, levying of assets, and jail time.
Back Tax Help if I Missed the Filing Deadline
It’s essential that you file as soon as possible to avoid incurring higher penalties and being forced to pay even more than you owe due to accrued interest.
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If you think that you may need help filing your 2014, 2015, 2016, 2017, 2018, 2019 & 2020 Form 1040 tax returns or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
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