The vast majority of Americans are required to file taxes annually. If you don’t file your taxes, you may face monetary penalties and legal repercussions.
Avoid these consequences and get help with your taxes from the experts at BC Tax. Even if you haven’t filed your taxes in 10 years, we can clean up your unfiled taxes to ensure you owe the least amount of money possible.
Filing overdue tax returns can be a stressful, overwhelming process. If you’re tempted to put it off, consider the benefits of filing now.
The longer your taxes go unfiled, the more money you’ll owe. The IRS charges a monthly failure-to-file penalty of 0.5% of the amount you owe until the debt is fully paid or the penalty reaches 25% of your tax debt. They also charge interest on the amount you owe.
If your debt remains unpaid, the IRS may take collection actions such as seizing your property and assets or garnishing your wages.
If you don’t file your return, you risk losing your tax refund. You have three years to file a return and claim your refund money. After three years, you forfeit your return. The IRS may also hold your current refund if you have one or more past due returns.
When you don’t file your taxes, the IRS may file a substitute return. However, this substitute return may not give you all the deductions and credits you’re eligible to receive. You can ensure you’re taking all money-saving opportunities possible by hiring BC Tax to help with your return.
When you take out a business loan, mortgage or another type of loan, you’ll need to provide lenders with copies of your filed tax returns. If you have unfiled tax returns, your loan approvals may be delayed or denied.
If you have unfiled taxes, you don’t have to deal with them on your own. Let the experts at BC Tax handle the task for you. Our highly qualified tax consultants, Enrolled Agents and former IRS agents have the knowledge and experience to get you back on the right track with your taxes. We’ll prepare all your unfiled taxes and take every deduction possible to save you the most money.
Even if you haven’t received a notice from the IRS yet, it’s a good idea to resolve your back taxes as soon as possible. Tackling unfiled tax returns now means less debt and headaches to deal with down the line.
Take the first step to resolving your tax debt and reach out to BC Tax today. We’ve helped taxpayers in Colorado and throughout the United States deal with their unfiled taxes and alleviate their debt for over 20 years. We can answer all your questions and help you find the best options for your specific situation.
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