I owe past tax returns
If you haven’t been filing your tax
returns, you’re in good company—I’ve met both
millionaires and street vendors who owe several years of returns.
But you can’t hide from the IRS forever. In fact, failure
to file your tax returns is a criminal offence, and you can
be prosecuted and even sentenced to jail for it! Congress recently
allocated more than $1 billion in Federal funding to help the
IRS crack down on non-filers.
The most important thing to keep in mind is
that it’s better to file and owe taxes than not to file
at all. Failure-to-file penalties are stiff (and that’s
not even counting the penalties and interest that you’ll
face for your tax debt itself). And if you wait until the IRS
files for you, you’ll miss out on deductions that could
substantially lower your tax burden.
Even if you don’t owe any taxes, you
still need to file your returns. You could be forfeiting valuable
tax refunds, and unless you file your return within three years
of the date it was due, you’ll lose that money forever.
The moral? File sooner rather than later,
and if you want to make sure that you’re getting the best
deal, talk to me. I have over 20 years’ experience helping
individuals and businesses prepare their tax returns, and I
can help you get all the deductions and credits you’re