With tax deadlines looming on the horizon, you may be wondering if there is any way out of the yearly headache of preparing and filing your income taxes. Does everyone have to file every year? What happens if you don’t file? Read on to find out what our group of experts had to say on the topic.
Jeff McLean, Co-owner of McLean Company.
No advantage to not filing taxes with the IRS
Unless you find losing all your possessions, accompanied by a long stint in a federal prison attractive, as a U.S. citizen, you must file a federal income tax return every year.
If you fail to file your taxes, interest on the debt, fines, and penalties begin to accrue. You will owe even more money once the Internal Revenue Service finds you, and they will find you. If there is one thing the IRS does better than any entity on Earth, it’s finding people who owe them money. Employers, banks, and brokers all send information to the IRS, and some of that information will invariably be about you. Simply put, there is no advantage to not filing taxes with the IRS, ever. The longer you wait to file, the more adverse the repercussions when they do get around to you, and they will get around to you.
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