Are you asking yourself “what if I owe taxes and can’t pay?” You’re not alone. Each year, about one out of six people owe taxes when they file their tax return – and many of them can’t pay right away.
Many people ask themselves why they would file if I owe the IRS and can’t pay. After all, why create a tax bill? Because not filing only makes matters worse. Here’s why.
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REASONS YOU SHOULD FILE EVEN IF YOU CAN’T PAY
You’ll owe more in the end, with penalties and interest.
If you don’t file your return on time and pay the tax you owe, the IRS will charge you (or, “assess”) a failure to file penalty that can add up to 25% more to your tax bill. On top of that, the IRS charges interest on the taxes and the penalties you owe.
Eventually, the IRS can collect what you owe – taxes, penalties, and interest – with tools like federal tax liens, levies, and wage garnishments.
THE IRS CAN FILE A RETURN FOR YOU
The IRS can prepare a return for you, called a substitute for return. But this return won’t be good for you. The IRS will prepare it with income information from your bank, employers, and other payers – and you won’t get any credits or deductions you’re entitled to. So it’s usually best to file your own return.
THE IRS CAN HOLD FUTURE REFUNDS
You may be due refunds in future years. But not filing now can affect you for years to come. If you don’t file a return now, the IRS can hold your refund in the future, meaning your money will just be sitting with the IRS. If you want to start receiving refunds again (or use your refund to pay off the taxes you owe), you’ll need to file the back tax returns.
WILLFULL NON FILING CAN BE A CRIMINAL OFFENSE
The IRS doesn’t prosecute many people each year for tax crimes. But there can be stiff penalties – including a 75% penalty for willingly and knowingly not filing a tax return. It’s called the fraudulent failure to file penalty. Remember: Notorious mobster, Al Capone wasn’t prosecuted for any of his violent crimes or even for filing an incorrect return; he was prosecuted for not filing a return at all.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return and 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.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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