I Have Not Filed My Taxes In Many Years. What Do I Do?
Many people do not file their taxes. In fact, it is estimated that there are 10 million people in the United States who fail to file their taxes. There are a number of reasons people fail to file their tax returns. Some people simply put it off while others do not understand the filing requirements. Additionally, many people do not file their taxes because they do not want to report their income or pay their taxes. Regardless of the reasoning, people who do not file their taxes will be considered non-filers.
If you have not filed your taxes in many years, then you will need to take action as soon as possible. The Internal Revenue Service has a tendency to be lenient to people who have unfiled tax returns if they are making attempts to remedy the situation. However, it is essential for you to move quickly and follow all of the Internal Revenue Service Guidelines. The situation can usually be resolved quickly if it is handled in the correct manner. However, the longer you wait, the harsher the penalties will be. You may also face harsh penalties if the case is not handled correctly.
Keep in mind that you may find that you can get a tax refund after you file. If you continue to wait and ignore the problem, then you could keep yourself from getting money that you are owed.
How Seriously Does The IRS Treat Unfiled Tax Returns?
The Internal Revenue Service treats unfiled tax returns very seriously. It can be a crime. People who fail to file their tax returns could be required to serve time in jail, and they could also be required to pay a hefty fine. Failing to file your tax returns is classified as a misdemeanor. If you have failed to file your tax return for several years, then you could be charged with committing a separate misdemeanor for each year that you failed to file for your taxes.
Not only may you face criminal charges for not filing your tax returns, but you may also get your wages and social security garnished. Furthermore, a levy may be placed on your bank account.
How Can A Lawyer Help Me File My Past Tax Returns?
You do not want to try to take care of your unfiled tax returns on your own. It is best to hire an attorney to take care of the job for you. Your attorney can help you put together the financial information that you need to file your taxes. Your attorney can also help you complete all of the necessary IRS documents. Furthermore, if you owe taxes, then your attorney can help you negotiate with the Internal Revenue Service so that your tax problem can be solved.
Why Work With An Attorney To Use Bankruptcy For Tax Relief?
There is a common misconception that people are not able to get rid of their tax debt with bankruptcy. However, that is not true. In many cases, bankruptcy is the best solution for dealing with tax problems. People who owe more taxes than they are able to repay often choose to file for bankruptcy. Bankruptcy can help you discharge your IRS debts. Both Chapter 7 and Chapter 13 are options. However, there are several requirements that have to be met before you can file for bankruptcy. There are also income limits. Furthermore, each option has its pros and cons.
Chapter 7 Bankruptcy allows a person to discharge the majority of his or her debts. However, there are some debts that people cannot discharge under Chapter 7 bankruptcy. Child support and certain court judgments are examples of some of the things that cannot be discharged under Chapter 7 Bankruptcy. In most cases, Chapter 7 bankruptcy case can be completed in just a few months.
Chapter 13 Bankruptcy allows you to set up a repayment plan for paying off your debts. You will make payments for a fixed amount of time. After you have finished making the payments, your bankruptcy will be concluded. It may take a few years to complete Chapter 13 Bankruptcy.
If you are considering filing for bankruptcy, then you will need to work with an attorney. Your attorney can help you decide whether bankruptcy is really the best option. Your attorney can also help you decide whether it is best to file for Chapter 7 or Chapter 13 Bankruptcy.
Additionally, your attorney can guide you through the process of eliminating tax debt through bankruptcy. This is not always the best solution, and it is certainly not the option that one should consider first. However, it is a choice that is right for some people.
Why Work With Our Law Firm?
There are several reasons you should consider working with our law firm. One of those reasons is that our law firm is committed to helping you. Many other law firms will charge people just to shuffle paperwork and file forms. However, our firm has an actual attorney representing the client. Our attorney will work very quickly in order to make sure that collection efforts are stopped.