As an adult living in the United States, the “dreaded” Tax Day is something that gets ingrained into your brain pretty soon. Each year, you know you have to file your taxes by April 15th, or else there will be big consequences and complications. At least, that is the expectation. The reality is that if your day-to-day schedule is busy, then forgetting to file your taxes is really not that farfetched.
Did you forget to file your taxes on time this year and now you don’t know what to do? Don’t worry! There is still time to set things right. But there might be some problems with the Internal Revenue Service (IRS), depending on your filing and how long you wait to take corrective action.
Here’s what can happen if you forgot to file your taxes:
- If you are owed tax money back: The IRS only tracks and holds onto your owed tax refund for three years. For example, if you didn’t file your taxes this year (2019 at the time of this writing), then you need to use a late tax filing before April 14th, 2022. Otherwise, the money you are owed goes back to the government and you can’t get it.
- If you owe more tax money: What happens if you didn’t file your taxes on time and you owe money? This is where things get worse. The IRS will apply a penalty to your filing, increasing the unpaid money you owe by 5%. This increment is applied once a month for the next five months, where it caps out at a 25% increase. Furthermore, the IRS can either try to remind you to file your taxes, or they may file them for you. But this is not cause for celebration since the IRS is going to opt you out of deductions wherever it can, raising the taxes you owe significantly.
Get Your Taxes Under Control with My Help
Imagine owing $1,000 in taxes but then owing $1,250 because you forgot to file for a while. Or, imagine being owed $1,000 but losing it after a couple of years, all because you simply forgot to file one year’s taxes. Avoid such an unfortunate result by letting Wynne Law, P.C. of Garden City step in and lend a hand.
My name is Jennifer Ann Wynne, and I am a professional tax attorney. I have devoted my career to helping my clients get their difficult tax situations under control, and with as little stress on them as possible. From filing IRS appeals to entering tax litigation on your behalf, I am fully prepared to represent and protect your best interests through thick and thin.
Call my firm at (516) 246-2280 to get a complimentary telephone consultation to begin.