Each passing tax year reveals that as many as 1million taxpayers fail to file their tax returns. It is not illegal to not pay your taxes on time it is illegal not to file your returns. If you think the IRS will overlook not filing you tax returns, you are wrong. It may take time, but they will discover the wrong doing and start the process to asses your taxes and collect them.
There are many reasons why a taxpayer may not file a tax return, but you need to be aware of the following:
- Failure to file tax returns may be construed as a criminal misdemeanor and potentially a felony act by the IRS.
- As a criminal act, this failure is punishable by one year in jail and a $10,000 fine for each year not filed. If the case is large enough, you could lose your freedom over not filing your returns.
- The IRS will not negotiate any form of settlement or payment plan on a case until all legally required returns are filed.
- The IRS may file “SFR” (Substitute For Return) Tax Returns for you. In this instance the IRS decides what you earned and how much tax you must pay and these totals are never what was actually owed. The taxpayer always ends up paying more.
- Because SFR returns are filed in the best interest of the government, the only deductions you’ll see are standard deductions and one personal exemption.
- You will not get credit for deductions which you may be entitled to such as exemptions for spouses, children, interest and taxes on your home, cost of any stock or real estate sales, and business expenses, etc.
- Regardless of what you have heard, you have the right to file your original tax return, no matter how late it’s filed.
- Five Star Tax Resolution is the expert you need in your corner to fight the IRS for you!!! Call today, Toll Free, 1-855-349-5714. What have you got to lose except, your FREEDOM!? CALL NOW!