| If you have not been filing your tax returns for quite | | | | process of filing and as you face present and |
| some time, chances are, you are have been harassed | | | | subsequent IRS problems. Surely, his/her experience in |
| by the IRS now. You may have been receiving notices | | | | the field will allow him/her to provide you with good |
| imploring you to settle your taxes. Non-filing of taxes | | | | advice regarding IRS guidelines. |
| can result to penalties, fines and even jail time, among | | | | In meeting with your tax professional, be sure to bring |
| others. Therefore, before matters get worse, it's best | | | | as much information as you can. Leave it to him/her to |
| that you set things right. You may ask: what will | | | | decide on which documents are and are not required. |
| become of me when I have obviously broken the law? | | | | You must bring all of your W-2 forms, 1099's, receipts |
| This eventually puts you in a complex position. | | | | or supporting documents for certain expenses, social |
| Filing the un-filed tax returns is the first step to setting | | | | security numbers of your dependents and a copy of |
| your records with the IRS straight. This should be done | | | | the last tax return that you have filed with the IRS. |
| even if you are not financially stable to pay for all the | | | | Your tax accountant should have full access to all of |
| penalties, fees and other charges. You must also | | | | these. The more information he/she has, the easier |
| immediately file your tax returns even if you are due | | | | and more comprehensive will be his/her task of |
| to a refund. Otherwise, this benefit will be lost if you do | | | | reconciling your tax record. |
| not attend to this matter right away. | | | | The two main benefits of filing your past tax returns |
| Depending on your specific circumstance, | | | | as soon as possible deal with refunds and Social |
| consequences for not filing your taxes may vary. If | | | | Security. To receive a refund, you must file the |
| you're a non-filer, cleaning up your tax records will | | | | corresponding taxes within three years. Beyond this, |
| make the IRS stop enforcing their collection | | | | your right to receiving the refund will be forfeited. |
| procedures on you. In fact, many people who haven't | | | | Essentially, this can be likened to giving away your |
| filed tax returns don't really owe the IRS anything. | | | | money to the IRS. If you've failed to file a tax return |
| They simply did not file because they did not have the | | | | and are self employed, then you will not receive credits |
| time or didn't have the needed background. Now, they | | | | that will be carried over to your Social Security |
| are facing a big IRS problem. | | | | retirement or disability benefits. Since you were |
| When you've decided to finally file for your tax returns, | | | | self-employed and did not file your taxes, the IRS will |
| you might want to seek professional advise. He/She | | | | be unable to report your income to Social Security, and |
| can certainly help you out as you go through the | | | | as such, you will not be given credit. |