Filing taxes late–or simply not filing them at all–can feel like a tempting proposition, especially when your stress level is high and your time and money are tight. Unfortunately, neither one of these strategies is ever a good option. In truth, unfiled tax returns and late returns can introduce a host of complications into your life.
Fines and penalties can add up quickly for delinquent taxpayers. The IRS is empowered to assess significant late filing fees and interest that accrues monthly on back taxes. Ignoring the situation just adds red ink to your bottom line.
Discovering you owe even a little money to the IRS is no fun, but unfortunately every year some taxpayers will find themselves facing truly lofty fines and interests because their tax problem didn’t come to light until literally years after it began. That’s the thing about unfiled returns–they never go quietly away. Worse, if these issues are discovered during an audit, they could jeopardize your ability to negotiate a reasonable settlement or payment plan with the IRS.
The financial aspects of facing a difficult tax situation are bad enough, but perhaps the worst thing about a lingering unfiled or late return is that they always bring unnecessary worry and fear into your life. Knowing that you may have a tax liability to deal with but not knowing how significant it really is or what your options are can weigh heavily on your mind. That robs you of your time and peace, and it can impede your ability to evaluate the best course of action.
For the most part, these are problems you can avoid just by taking timely action. Don’t put off filing your taxes. This is definitely one area where the troubles that procrastination causes aren’t worth it. If you do have an unfiled or late return to handle, do it now before the problem grows. Dealing with an unhappy IRS agent can be intimidating, but it’s a road many other taxpayers have navigated successfully. You don’t have to do it on your own. By seeking out help from the seasoned tax professionals at Advanced Tax Solutions who bring both experience and expertise to the table, you can empower yourself to achieve the best possible resolution.