Tax returns are common, yet extremely important, reports submitted to the IRS. They contain the financial information necessary to calculate income taxes or other types of taxes. Whether you’re a salaried employee or a small business, filing tax returns on time is a necessity, and failing to do so is a criminal offense. Even U.S. citizens who are abroad and earn income outside the country are still required to file tax returns to avoid offshore tax problems. This also applies to green card holders as well.
Tax returns can make or break your financial situation. If ignored or completed incorrectly, the IRS can apply stacking penalties and interest. In worst cases, property and bank accounts are seized.
What should you do if you cannot pay taxes?
File your tax return. You might be eligible for tax relief programs like installment agreement plans, penalty abatements, an offer in compromise, or more, but you cannot apply for tax relief programs if you haven’t filed your returns.
What should you do if you failed to file?
Contrary to popular belief, you can file returns late. Even if you owe back taxes from years ago, file them as soon as possible. It is better to file late than not file at all.
Should you hire a professional?
It is wise to hire a certified tax professional to handle your current and/or delinquent tax returns. Long Island Tax Resolution Services’ specialized team of tax experts will help you ensure that tax returns are filed on time and correctly, avoiding trouble later such as lengthy and costly proceedings.
Contact us now to help file your tax returns – and you won’t have to worry about it for the rest of the year.