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Fail to File Your Tax Return and Face Scary Consequences

If you are used to procrastinating with most things, you better not do it when it comes to filing your taxes. This is because the Internal Revenue Service (IRS) has strict policies, such that if you file your taxes late, you'll be given a 5% penalty on the amount you owe for every month you delay. If you fail to file completely, expect worse penalties. Just bear in mind that when you avoid your annual tax return obligations, the consequences would be too costly that they can even extend beyond your bank account. - http://fsi-diy.com/

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Fail to File Your Tax Return and Face Scary Consequences

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  1. Fail to File Your Tax Return and Face Scary Consequences

  2. If you are used to procrastinating with most things, you better not do it when it comes to filing your taxes. This is because the Internal Revenue Service (IRS) has strict policies, such that if you file your taxes late, you'll be given a 5% penalty on the amount you owe for every month you delay.

  3. These are the consequences that await you if you do not file your taxes on time.

  4. Late Penalties • If you are aware of the importance of filing your tax return, you may already know that you will be given some degree of penalty for not filing your taxes.

  5. Forfeiture of Tax Refund • If you are due for a refund from the IRS, do not think that you can keep your refund on hold indefinitely. While you are not rushed to claim it, you also can’t just allow it to stay with the IRS for as long as you want. They are only giving you three long years after the tax year for which you filed to claim back your tax refund.

  6. Substitute for Return • The IRS is kind enough that they sometimes give an extension for the filing of tax return and even exert efforts in reaching out to delinquent tax filers, repeatedly reminding them to file their tax returns. • If delinquent taxpayers ignore these reminders, the IRS will file a substitute for return on behalf of the filer by using the tax form data which they get from a delinquent taxpayer’s employer, bank, and other sources.

  7. Arrest • If you always ignore your responsibility to pay your taxes even after several reminders from the IRS, they will send a representative to collect your payment – typically if you owe $25,000 or more. However, if you still do not pay, the IRS will automatically garnish your wages, seize your assets, or even put you in jail for tax evasion.

  8. If you need to negotiate with the IRS in order to resolve your debt, there are easy ways to do it. One is to avail of the Fresh Start Initiative Program. You can use a self-help software that can guide you on how to do the process. www.fsi-diy.com

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