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Richardson TX - Non Filers - Why You Should File Your Tax Returns
 
 
As the old saying goes, “There are only two certainties in life: death and taxes.” Have you ever wondered what would happen if you filed your tax return late or worse, did not file at all? Well, you are looking for trouble if you do not file your tax return.
 
There will be a penalty for not filing your return equaling 5% per month up to 25% of the tax due. Then, there is another penalty of .5% per month up to 25% of the tax due for failure to pay the tax. An example is if you owe $1000, it will cost you $250 penalty for not filing, but only a $5 penalty for not paying. That doesn’t include Interest! The lesson that should be learned is that you should file your return even if you can’t pay the tax today.
 
If you qualify for a refund and wait more than 3 years to file your return, the IRS will take that refund away, because the statute of limitations expires. Don’t expect them to send you a reminder letter! If you owe the government, their 10 statute of limitations to collect does not begin until you file and the tax is ... more

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