Years of Unfiled Tax Returns? Now Is The Time To Act
It’s tax season, which is always an anxious time for the many people who have unfiled tax returns. STLTaxLawyer Mark Milton‘s advice is regardless of what has happened in the past, get yourself committed to filing your tax returns this year.
“Failure to file in prior years does not prevent you from filing your current year return,” Milton said. “A lot of people I talk to think that if they missed filing one year or even a few years means they can’t file until they’ve addressed all their past issues.”
Though Milton recommends dealing with the past issues as soon as possible, don’t let this issue of unfiled tax returns snowball into a much larger problem. Failing to file your taxes not only results in Failure to Pay penalties, but you also pay Failure to File penalties that can be as much as 25% of the balance of the taxes owed.
“Break the cycle. File your taxes this year,” Milton advises. “If you haven’t done it in the past, it’s something you have to deal with eventually, but it doesn’t stop you from filing going forward. Act now to prevent digging a deeper hole.”
Contact us today to schedule a consultation to start solving your IRS problems.