How to get unfiled tax returns help in Houston?
Unfiled tax returns are very important to the eyes of the IRS. Here we are going to talk about filing taxes online. However, remember at Green Tree Tax we provide tax returns help to taxpayers. Not filing your tax return yearly is an offense in the eyes of the IRS. With this, they will file them for you. This method is completely legal. If they can file it for you, then why bother filing it yourself?
First of all, you need to file your tax return personally for when it is the IRS who does, the proper tax deduction is not included along with the credit that you can qualify for. IRS viewed unfiled tax returns as one of the most serious offenses that a taxpayer can commit. Therefore, repeatedly doing this makes you look like evading taxes.
What is the consequence of having back taxes?
Firstly, there would be penalties once you failed to file your tax on the given dates. In the failure-to-file penalty, you will have to pay 5% per month for those tax interest on your balance. Furthermore, there is also the failure to pay penalty and other penalties you may face.
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Carrying out your loss will be no longer possible.
When you have an investment loss, you can offset up to $3000 in your income. When it is over $3000, you can carry the loss forward. But with unfiled returns, that loss will not be known to the IRS which means that there will be no carrying forward of losses for you.
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Consequences with the Substitute Return
Since you don’t have taxes in record IRS will file the taxes on your behalf. You may possibly lose some deductions. Finally, you end up to owe more taxes then if you file taxes through a professional. This can also lead to big IRS debt.
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You can no longer qualify for bankruptcy
In the Bankruptcy chapter 7 0r 13, it is against the law to have an unfiled tax return. If you have not filed your taxes, applying for bankruptcy will be impossible.
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No refund
If you have any refund to get from the IRS, failure to file your tax return will cause you not to get that refund you expect. If you don’t file your taxes after 3 years the possibility of getting a refund will be slim.
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You may lose tax credits
When you have tax credits that you did not claim on the time frame given, you can no longer claim it.
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- The beginning of collection efforts
Back taxes can lead to IRS audit, collection, and levy. You will need a professional IRS audit help in such cases.
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Going to jail due to the failure of filing the tax.
This is rare but it is still a possibility that you should consider it since there are laws for it.
Why pick Green Tree Tax for your unfiled tax returns help?
It is in your best interest if you can find time to file a federal income tax return. With all these negative consequences you might face, going through the trouble of filing is a lot better than losing your deductions. But when you need help with back taxes, you know who to call. With the help of Green Tree Tax, you can ignore the headache and let the hard work to us.