Enrolled Agent/ Certified Tax Resolution Consultant.
Education & Training with FishCoin Tax Solutions IRS 00139079-EA
According to the law, not filing a filing a required tax return is considered a crime. Things happens and people have genuine and also silly reasons for not filing the returns. Anyway, there are certain consequence of not filing your returns. They include:
- The IRS might file substitute-for-returns for you without deductions and you’ll owe more taxes than if you’d filed them yourself.
- Your passport may not be issued by the federal government if you haven’t filed your returns, making it hard to travel outside the U.S. (In fact, as of legislation passed in November 2015, if you owe the IRS $50,000 or more your passport will be revoked.)
- If you’re self-employed, you might be missing out on increased Social Security contributions for when you retire.
- To get health insurance on a health insurance exchange or healthcare.gov, which require you to have filed.
- You might need to file your recent tax returns to get student loan aid for your kids (FAFSA).
- To reduce your vulnerability to identity theft. Our recent observation has been that 50% of multi-year non-filers have experienced a malicious attempt to intercept their refund and/or file under their social security number.
You don’t need to file every single year, According to the IRS Manual you only need to file the last 6 years of the return to be considered being in Tax Compliance. In case, you do not have all your documents to file your taxes, your tax professional knows how to get your records and could help you work out reasonable estimates if possible.
If you or someone you know have not filed their taxes with the IRS or Minnesota Department of Revenue . Please feel free to email or call me.
4124 Quebec Avenue North Suite 307
New Hope, Minnesota
Phone : 612 516 5878
Fax: 651 409 2021
Email : email@example.com