What to do if you don’t file taxes?
While we would all love to live in a world without taxes, the reality is that filing your taxes is a legal requirement. Many people fail to file for a number of reasons including severe personal crisis, such as an illness, divorce, or death of a close family member. Nonetheless, it is not too late to file a return. If for any reason, you have not fined a tax return but you should have, here are a few suggestions from California CPA Firm, Murray & Young:
- Take action before the government does. The situation changes drastically when the government initiates the process.
- Make sure to come clean. It is unwise to file not only a delinquent tax return but one that is less than accurate.
- For those who have not filed because they cannot pay what they owe, consider filing anyways and try to arrange some sort of payment plan. The IRS is more accommodating than you think.
- Many people who have not filed for many years may actually be eligible for a refund.
There is no penalty for not filing when you are due a refund. You must file within 3 years of the date the return was due otherwise the money becomes the government’s.
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